Carney casts C$1.6 billion Cohere investment as security measure before EU talks
Canada and the EU plan cooperation on AI safety, standards and governance, while Cohere targets up to C$7 billion in fundraising.
Canada’s C$1.6 billion investment in Cohere is intended to help safeguard national security, Prime Minister Mark Carney said in Montreal on 29 October 2026, ahead of a summit with EU leaders.
Carney described the investment in the Canadian artificial intelligence company as commercial, with private investors Nvidia, Bell and Germany’s Schwarz Group also participating. He argued that sovereignty depended on reliable access to AI and other technologies and resources, including semiconductors and critical minerals.
Aidan Gomez, Cohere’s co-founder and chief executive, announced that its Series E fundraising had reached an initial close. The round seeks up to C$7 billion and values the company at C$35.7 billion. Gomez appeared alongside Carney at Mila, the Quebec Artificial Intelligence Institute.
The summit programme includes Carney’s meetings with Ursula von der Leyen, president of the European Commission, and António Costa, president of the European Council. Carney said the gathering aimed to reinforce transatlantic ties amid global disruption.
In a speech before the summit, von der Leyen pointed to the multi-billion dollar merger linking Cohere with Germany’s Aleph Alpha in April as an example of closer cooperation. She said Canada and the EU would collaborate on AI safety and security, draw up standards and rules, and work on global governance.
