The AI Times: Canadian Pension Manager to Co-Lead Deal Valuing Cohere at $5 Billion

PSP Investments, a Canadian pension investment manager, is poised to co-lead a funding round of at least $500 million in Toronto-based Cohere, an artificial intelligence developer in competition with OpenAI, as per sources familiar with the matter. The proposed funding round would value Cohere at approximately $5 billion, although this valuation remains subject to finalization and could be subject to change. It's currently unclear whether this valuation includes the value of the new cash infusion.

Notably, PSP Investments is assessing Cohere at a valuation exceeding 200 times its forward revenue, surpassing the revenue multiples of OpenAI and certain other AI developers. This valuation underscores the significant potential and market confidence in Cohere's technology and future prospects within the AI industry.Toronto-based autonomous vehicle startup Waabi has forged a partnership with semiconductor giant Nvidia to develop an innovative artificial intelligence-powered solution tailored for the trucking sector.

Under this collaboration, Waabi intends to incorporate Nvidia's DRIVE Thor chip into its AI-driven trucking system, Waabi Driver. Set to commence in 2025, this integration will enhance Waabi Driver, a trainable system that leverages AI, sensors, and cameras to autonomously navigate roads with safety and efficiency, eliminating the need for human intervention. This strategic partnership underscores the commitment of both Waabi and Nvidia to drive advancements in autonomous technology, revolutionizing the future of trucking through cutting-edge AI solutions.

Canada is poised to enhance its oversight of foreign investments in critical technology sectors, including artificial intelligence, quantum computing, and space technology, as part of an effort to bolster national security measures.Under the expanded regulations, non-Canadian companies will be required to provide advance notification to the government before investing in or acquiring Canadian entities operating within these key technology sectors.

Industry Minister Francois-Philippe Champagne outlined these measures in an interview with Bloomberg, signaling the government's commitment to safeguarding Canadian interests and technological assets from potential threats.By imposing stricter scrutiny on foreign investments in critical technology areas, Canada aims to mitigate risks associated with unauthorized access to sensitive technologies and ensure the protection of its national security interests in an increasingly competitive global landscape.

Toronto-based RealSage, a proptech startup specializing in artificial intelligence-powered data intelligence software, has successfully raised $5.5 million CAD (approximately $4 million USD) in seed funding.RealSage's software is designed to assist multi-family rental housing asset managers in operating more efficiently by harnessing the power of AI-driven data intelligence. With this funding, the company aims to accelerate its expansion efforts in the United States market and further develop its product offerings.

This investment underscores the confidence of investors in RealSage's innovative technology and its potential to transform the real estate industry through data-driven insights and operational efficiency.Apple's presence in the Ontario tech hub of Kitchener-Waterloo may not be immediately apparent, with only the gleaming, glass-fronted Apple Store serving as a visible indication at the Conestoga Mall.

However, a short walk from this shopping destination, nestled among a cluster of tech firms at the top end of town, lies offices where a team of artificial intelligence researchers have been hard at work developing a groundbreaking approach to building deep learning models.This innovative work, which has the potential to bolster Apple's expanding AI ambitions, culminated in the acquisition of DarwinAI. The acquisition brings on board a team of computer vision experts who have developed technology aimed at training AI models faster and making them more compact.

According to sources familiar with the matter, Apple initiated the acquisition process, with negotiations commencing in October and the deal finalized in January. This strategic move underscores Apple's commitment to advancing its AI capabilities and leveraging cutting-edge technologies to drive innovation across its product ecosystem.Montréal-based cybersecurity startup Flare has recently completed the acquisition of United States-based data exposure company Foretrace, the financial details of which remain undisclosed.

Flare CEO Norman Menz expressed that the acquisition is geared towards expanding Flare's capabilities in collecting emergent threat data. As part of the agreement, Foretrace founders Nick Ascoli and Matt Mosley will join Flare, assuming roles as senior product strategist and vice president of strategic partnerships, respectively.This strategic move signifies Flare's commitment to enhancing its offerings and strengthening its position in the cybersecurity landscape by integrating Foretrace's expertise and technology into its portfolio. With a focus on bolstering threat intelligence capabilities, Flare aims to provide enhanced security solutions to its clients in an ever-evolving digital landscape.

Amazon is making its most substantial external investment in its three-decade history as it seeks to gain a competitive edge in the artificial intelligence arena.The tech giant has announced plans to invest an additional $2.75 billion in Anthropic, a San Francisco-based startup recognized as a leader in generative artificial intelligence. Anthropic's foundation model and chatbot, Claude, are direct competitors to platforms like OpenAI and ChatGPT.This latest investment follows an initial $1.25 billion injection announced in September, with Amazon committing to potentially invest up to $4 billion in total. The announcement on Wednesday signifies the second tranche of funding as part of Amazon's strategic push to strengthen its presence in the AI landscape.

Montréal startup space Notman House is now up for sale, prompting local real estate investment and rental startup Guiker to propose acquiring it with the support of community investors.The initiative follows the OSMO Foundation's default on debts owed to the Business Development Bank of Canada and Investissement Québec, which initially provided grants to finance Notman House.Gabriel Sundaram, co-founder of Mission.dev, expressed concern, stating, "We're really kind of on the brink of losing Notman House." Sundaram believes that their initiative is the only viable option to ensure the continuation of Notman's mission.

Guiker's proposal, backed by community investors, aims to preserve Notman House's legacy and provide a platform for the ongoing support and growth of Montréal's startup ecosystem.Professional services giant Accenture has announced an undisclosed investment in Vancouver-based Sanctuary AI. Sanctuary AI is pioneering the development of what it refers to as "the world's first human-like intelligence in general-purpose robots."

This strategic investment reflects Accenture's commitment to advancing innovation in artificial intelligence and robotics. By partnering with Sanctuary AI, Accenture aims to leverage cutting-edge technology to drive transformative solutions and unlock new possibilities in various industries.The collaboration between Accenture and Sanctuary AI highlights the growing interest and investment in AI-driven robotics, with the potential to revolutionize the future of automation and human-machine interaction.

C100 has unveiled a new initiative focused on bolstering the growth of later-stage Canadian technology firms.Known as the Growth Program, this initiative aims to tackle the obstacles encountered by fast-growing tech companies in Canada. These challenges include the scarcity of risk-tolerant capital, a shortage of senior talent capable of guiding global expansion efforts, and a lack of personalized mentoring for founders of scaling firms.

The Growth Program is designed to provide targeted support to address these issues and empower Canadian tech companies to thrive on the global stage. By offering resources, mentorship, and access to networks, C100 seeks to foster the continued growth and success of the Canadian technology ecosystem.Emad Mostaque, the Chief Executive Officer of Stability AI, has stepped down from his role at the British artificial intelligence startup.

This decision comes amid disputes with investors and a series of departures among senior staff members.In response to Mostaque's resignation, Stability AI announced that Chief Operating Officer Shan Shan Wong and Chief Technology Officer Christian Laforte will assume the roles of interim co-CEOs. Additionally, Mostaque will be departing from the company's board.

In a post on X, Mostaque stated that he made the choice to resign and expressed his intention to focus on addressing the issue of power concentration in AI. This transition marks a significant change in leadership for Stability AI and underscores the challenges facing the company as it navigates internal conflicts and seeks to move forward.