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Summary
Canadian AI company Cohere has announced the initial close of a funding round targeting up to C$7 billion, about US$5 billion, to build AI systems and infrastructure in Canada. The company says the funding will support a sovereign alternative to AI developed by a few United States and Chinese technology companies. The Canadian government has agreed to invest up to $1.14 billion, and Cohere plans to invest about $1.2 billion in Canadian computing infrastructure by 2030. The round is not yet complete; if finished, it would be the largest private fundraise in Canadian history.