News Summary

Canada is doubling down on its investment in AI, with Cohere, a Canadian AI company, receiving $100 million USD in funding, bringing its valuation to $7 billion. The Canadian government, represented by Industry Minister Mélanie Joly, has committed to fostering AI growth, positioning Cohere as a future Canadian champion. Additionally, Canada’s AI minister Evan Solomon announced a new 26-member AI Strategy Task Force to refresh the national AI strategy. In parallel, the Business Development Bank of Canada (BDC) has launched a $50 million fund aimed at supporting women entrepreneurs in acquiring and growing businesses from retiring leaders. Mona Minhas has been promoted to managing partner of BDC’s Thrive Venture Fund, focusing on women-led startups. In other developments, Toronto-based Cohere’s recent valuation highlights the city’s growing prominence in the AI sector.