Cohere to Merge with Aleph Alpha with Support from Schwarz Group
Cohere, a Canadian AI startup, is merging with Germany-based Aleph Alpha with backing from Schwarz Group, the parent company of Lidl. The merger aims to create a sovereign AI alternative to U.S.-dominated players. Schwarz Group is investing €500 million in the new entity, valuing it at around $20 billion, despite Cohere's reported $240 million in annual recurring revenue and Aleph Alpha's lack of significant revenue.
Topics: AI Corporate Acquisition Investment Strategic Partnerships Tech Industry