Cohere, the Toronto-founded company that builds large language models and enterprise AI tools for governments and regulated businesses, has reached the initial close of a Series E round targeting $5 billion.
The raise would value the company at $25.5 billion.
Nvidia, which has backed Cohere through prior rounds, is participating again alongside returning investors Inovia Capital and Prosperity7 Ventures, with new participants including Schwarz Group, Bell Ventures, Bullhound Capital and the Government of Canada.
Bloomberg reported the implied figure as roughly three times Cohere's valuation a year earlier, then about $20.5 billion.
The company raised $600 million in a Series D-1 round in August 2025 at a $7 billion valuation, with Nvidia, Inovia Capital, Salesforce, PSP Investments, BDC and Radical Ventures among the backers at the time.
Cohere specialises in secure, sovereign AI deployment for enterprises and governments rather than consumer chatbots.
An it plans to direct proceeds toward compute infrastructure, frontier-model development and an expanded full-stack platform.
The company's annual recurring revenue rose 165% year over year by the end of the third quarter, growth it attributes to customer expansion following the launch of its North agentic AI platform.
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