stay here, Canada-based enterprise AI unicorn, announced on Friday that it will merge with the German-based company Enterprise AI Company aleph alpha.
The deal, which has not yet closed, will value the newly formed company at 20 billion dollarsFT reported. Schwarz Group, one of Aleph Alpha’s top backers, will also do so invest $600 million CNBC reported Cohair’s Series E round, which is expected to close later this year.
A handful of Silicon Valley players continue to dominate the AI commercial landscape, which is busy consolidation activity.
Announcing a press release Kohre-Aleph Alpha Union said that one of the goals of the merger was to give businesses and governments an alternative to these major tech players, providing greater freedom and control over their data. It also hopes to combine talent pools in Canada and Germany to create a “transatlantic AI powerhouse.”
