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Anchoring the $600M Series E
Europe spent years trying to build its own answer to OpenAI. In April 2026, it largely gave up on doing it alone. Cohere, a Toronto-based artificial intelligence company, agreed to acquire Germany's Aleph Alpha in a deal valuing the combined business at roughly $20 billion, alongside a $600 million funding round led by German retail giant Schwarz Group. The transaction is subject to regulatory approval and expected to close later in 2026. Germany's Digital Minister and Canada's Minister of AI and Digital Innovation both attended the announcement in Berlin—an unusual show of joint state backing for a private-sector deal.
Updated Apr 25
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