Sources: Cohere is in advanced talks to raise between $2B and $3B, including financing from the Canadian government and existing backers, at a $20B valuation (Globe and Mail)

Cohere Inc., a Toronto-based artificial intelligence company, is reportedly in advanced discussions to raise between $2 billion and $3 billion in a funding round that would value the firm at $20 billion, according to The Globe and Mail. This financing deal, involving the Canadian government and existing backers, would rank as the largest on record for a private Canadian startup, positioning Cohere among Canada’s most valuable technology firms.

The deal might be finalized as early as next week, though there is potential for a delay. Cohere disclosed its fundraising and valuation figures in a call with investors last month, as per a source familiar with the matter. The German government is also reportedly engaged in talks to participate in the funding round. Private investor participation is anticipated to constitute the bulk of the investment, with strong demand signaling a likely successful completion of the deal.

Although specific investors involved in the round remain undisclosed, Cohere’s CEO Aidan Gomez is scheduled to speak at three major corporate events next week, including the Canada Investment Summit, the Milken Institute Global Dialogues symposium in Toronto, and All In, Canada’s largest AI expo in Montreal.