Cohere to buy Aleph Alpha to enter Europe's regulated markets
Canadian AI company Cohere agreed to buy German tech firm Aleph Alpha to boost its presence in Europe's tightly regulated sectors like energy, finance, and healthcare.
Aleph Alpha has shifted away from large language models and now focuses on specialized AI applications for businesses, so this move is all about expanding what Cohere can do in the region.
Schwarz Group invests $600 million in Cohere
Cohere's CEO Aidan Gomez says this acquisition will help the company grow and stay ahead with better tech.
The deal also brings in a $600 million investment from Schwarz Group (the folks behind Lidl and Kaufland).
After everything's wrapped up, most of the new company will be owned by Cohere shareholders (about 90%), with Aleph Alpha's owners holding around 10%.
This partnership also lines up with Canada and Germany's push for more independent sovereign AI development, and another big funding round for Cohere is expected soon.