Cohere Inc. is in advanced talks to raise between US$2-billion and US$3-billion, including financing from the Canadian government and existing backers, according to four sources familiar with the matter. The deal would value the artificial-intelligence company at US$20-billion.

Should a deal come to fruition, it would rank as the largest on record by a private Canadian startup. The valuation would establish the Toronto-based AI developer as one of Canada’s most valuable technology companies.

Two sources familiar with the matter said the deal could close as early as next week, though the timing could be pushed back. A number of big corporate events are scheduled next week, including the Canada Investment Summit and the Milken Institute Global Dialogues symposium in Toronto, and All In, the country’s largest AI expo, in Montreal. Cohere chief executive officer Aidan Gomez is scheduled to appear at all three events.

Cohere shared its fundraising and valuation figures on a call last month with investors, said one source familiar with the matter, who added that the German government is also in talks to participate. Non-government funding was expected to account for the majority of the investment, according to the source, and there is strong enough demand to complete the deal from private investors. It is not clear which investors are participating in the round.