News Summary

• Cohere, the Canada-based AI unicorn, announced Friday that it would merge with the Germany-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 will also invest $600 million in Cohere’s Series E round, which is expected to close later this year.
• It hopes to combine the talent pool across Canada and Germany to create a “transatlantic AI powerhouse”