Cohere Sets $20.5 Billion Pre-Money Valuation at First Close

Cohere completed the first close of a financing round that could raise up to $5 billion, putting the Canadian artificial intelligence startup’s pre-money valuation at $20.5 billion. The valuation is roughly double its level a year ago and excludes funds raised in the round.

The company has investment commitments from the Canadian government and NVIDIA. Canada agreed to invest as much as $1.14 billion. A previously disclosed $600 million investment from European retailer Schwarz Group is also included in the round.

Cohere did not disclose how much of the financing target had been finalized. Its chief financial officer said the first close covered most of the target.

If completed, the financing would be the largest private fundraising in Canadian history.