The Canadian government is investing C$1.6 billion ($1.1 billion) in AI startup Cohere as part of a fundraising round totaling up to $5 billion, Bloomberg reports. The developer's valuation has roughly tripled from last year to $20.5 billion. According to the terms of the agreement, the company will keep its headquarters in Israel and will invest 1.7 billion Canadian dollars in the development of local computing infrastructure until 2030.

The Canadian government is investing C$1.6 billion ($1.1 billion) in AI startup Cohere as part of a fundraising round totaling up to $5 billion, Bloomberg reports. The developer's valuation has roughly tripled from last year to $20.5 billion. According to the terms of the agreement, the company will keep its headquarters in Israel and will invest 1.7 billion Canadian dollars in the development of local computing infrastructure until 2030.