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Canadian AI model startup Cohere is carrying out a large-scale funding round at a valuation of $20.5 billion, roughly triple what it was a year ago. Cohere said on Thursday that it has completed the first closing of this round, with total funding expected to reach up to $5 billion. The company said it has received funding commitments from investors including the Canadian government and Nvidia, in addition to the $600 million investment previously disclosed by European retail giant Schwarz Group. The Canadian government has agreed to invest up to $1.14 billion in Cohere. Canadian Prime Minister Carney said Cohere plans to keep its headquarters in Canada and expects to build new computing infrastructure in the country by 2030, with an investment of about $1.2 billion. If the round is completed successfully, it will become the largest private financing in Canadian history, far exceeding previous records. Cohere declined to disclose how much of the $5 billion funding target has been finalized, but its chief financial officer said the first closing already covers "most of it." The valuation does not include the funds raised in this round.