Companies / Foundation Models
Foundation model companies in Canada
The Canadian AI Index tracks 6 Canadian foundation model companies. They have raised C$2.5B across 14 rounds, including C$302M in 2026.
Largest rounds
| Company | Round | Date | Amount | Investors |
|---|---|---|---|---|
| Cohere | Venture round | Aug 2025 | US$500M | Radical Ventures, Inovia Capital (leads) and 5 more |
| Cohere | Series D | Jul 2024 | US$500M | PSP Investments (lead) and 6 more |
| Cohere | Series C | Jun 2023 | US$270M | Inovia Capital (lead) and 9 more |
| Cohere | Series B | Feb 2022 | US$125M | Tiger Global (lead) and 3 more |
| LawZero | Grant | Sep 2026 | C$150M | Government of Canada — Strategic Response Fund (lead) |
| Cohere | Bridge/Extension | Sep 2025 | US$100M | Nexxus Capital Management, Inovia Capital, Radical Ventures and 3 more |
| Veeda AI | Seed | Aug 2026 | US$90M | Radical Ventures, Khosla Ventures (leads) |
| Ideogram | Series A | Feb 2024 | US$80M | Andreessen Horowitz (lead) and 4 more |
| Cohere | Series A | Sep 2021 | US$40M | Index Ventures (lead) and 6 more |
| Mundo | Series A | Aug 2026 | US$20M | GreatPoint Ventures (lead) and 3 more |
US$ rounds converted to C$ at the Bank of Canada rate on each round's date to rank them.
All 6 companies
| Company | Category | HQ | Founded | Date raised | Disclosed raised | Status |
|---|---|---|---|---|---|---|
| LawZeroAI safety nonprofit (Yoshua Bengio); building Scientist AI, a non-agentic reasoning system | Foundation Models | Montréal, QC | 2025 | Sep 2026 | C$150M | Active |
| MundoDatasets and evaluations for perceptual intelligence (audio, video, multimodal) for AI labs | Foundation Models | Vancouver, BC | 2024 | Aug 2026 | US$24M | Active |
| Veeda AIWorld models for physical AI | Foundation Models | Toronto, ON | 2026 | Aug 2026 | US$90M | Active |
| CohereEnterprise foundation models and sovereign AI (North platform) | Foundation Models | Toronto, ON | 2019 | Sep 2025 | US$1.5B | Active |
| DatabiomesOn-device nano-LMs (Ctrlvox gaming chat moderation) | Foundation Models | Toronto, ON | 2024 | 2024 | — | Active |
| IdeogramText-to-image generative AI models | Foundation Models | Toronto, ON | — | Feb 2024 | US$96.5M | Active |
Data as of October 20, 2026.