Cohere, the Canada-based enterprise AI unicorn, announced Friday that it would merge with the German-based enterprise AI company Aleph Alpha.
The deal, which has yet to close, will value the newly formed company at $20 billion, the FT reported. Schwarz Group, one of Aleph Alpha’s top backers, will also invest $600 million in Cohere’s Series E round, which is expected to close later this year, CNBC reported.
A handful of Silicon Valley players continue to dominate the AI commercial landscape, which is busy with consolidation activity.
A press release announcing the Cohere-Aleph Alpha union said one goal of the merger was to give businesses and governments an alternative to these dominant tech players, one that offers greater independence and control over their data. It also hopes to combine the talent pool across Canada and Germany to create a “transatlantic AI powerhouse.”
Cohere acquires, merges with German-based startup to create a ‘transatlantic AI powerhouse’ | TechCrunch NYT News Today.
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