Canada Allocates $240 Million to Cohere for AI Infrastructure
The Canadian government has announced a financial commitment of up to $240 million to Cohere, a Toronto-based company specializing in artificial intelligence (AI). This funding is part of the newly launched Canadian Sovereign AI Compute Strategy, which aims to enhance AI infrastructure in Canada. The strategy, with a total budget of $2 billion, was introduced to support the development of AI technologies within the country.
The investment in Cohere is intended to help the company secure private capital to establish a new AI data centre in Canada. This facility is expected to be operational by 2025 and will provide necessary compute capacity for Cohere and other AI firms across Canada. The initiative is part of a broader effort to maintain Canada's competitive edge in the global AI sector by attracting private investment and fostering innovation.
The Canadian government emphasizes the importance of AI in driving economic growth and creating jobs. The strategy includes provisions for building public supercomputing infrastructure and an AI Compute Access Fund to support Canadian innovators and businesses with affordable compute power. Cohere, founded in 2019, focuses on generative AI and large language models and has committed to responsible AI development practices by signing Canada's Voluntary Code of Conduct on AI systems.
The announcement was made by Chrystia Freeland, Deputy Prime Minister and Minister of Finance, highlighting the government's commitment to securing Canada's position as a leader in AI technology.
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