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Feds to invest up to $1.6 billion in Canadian AI company Cohere in its $7-billion fundraise
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Summary
The federal government plans to invest up to $1.6 billion in Cohere as part of the Toronto-based AI company’s planned $7-billion fundraising round. Prime Minister Mark Carney said the agreement calls for at least 1,000 new Canadian technical jobs and $1.7 billion in computing infrastructure by 2030. The investment is on commercial terms and joins funding from Nvidia, BCE and Germany’s Schwarz Group.