Ottawa investing up to $1.6B in Canadian AI company Cohere

OTTAWA - Canadian Prime Minister Mark Carney announced a substantial investment of up to $1.6 billion in the local AI firm Cohere. The investment was made public as Carney hosted European Union leaders in Montreal for a summit focusing on strengthening bilateral relations. In April, Cohere announced a planned merger with Germany's Aleph Alpha, vowing to maintain its Canadian roots.

Under the terms of the agreement, the company will allocate at least $1.7 billion towards expanding its computational infrastructure within Canada and collaborate on research initiatives with Canadian academic institutions.