The Canadian government plans to invest up to CAD1.6 billion (about US$1.14 billion) in domestic AI startup Cohere, becoming a major investor in the company's latest funding round as Canada seeks to reduce its reliance on the US and China for critical AI technologies.
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Canada plans CAD1.6B investment in Cohere to bolster domestic AI
The Canadian government plans to invest up to CAD1.6 billion, about US$1.14 billion, in domestic AI startup Cohere. The move would make Canada a major investor in Cohere's latest funding round. Canada is seeking to reduce its reliance on the US and China for critical AI technologies.
It signals a major government-backed funding move aimed at strengthening Canada's domestic AI industry and reducing dependence on foreign technology.
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