Reports / 2023
Canadian AI funding in 2023
In 2023, the Canadian AI Index records C$1.4B raised by 64 Canadian AI companies across 68 rounds: C$1.4B in 64 equity rounds and C$6.1M in 4 grants and government contributions.
- Raised
- C$1.4B
- Companies funded
- 64
- Equity rounds
- 64
- Grants
- 4
Largest equity rounds of 2023
| # | Company | Round | Date | Amount | C$ | Investors |
|---|---|---|---|---|---|---|
| 1 | CohereToronto | Series C | Jun 2023 | US$270M | C$361M | Inovia Capital (lead) and 9 more |
| 2 | TenstorrentSanta Clara | Venture round | Aug 2023 | US$100M | C$133M | Hyundai Motor Group, Samsung Catalyst Fund (leads) and 4 more |
| 3 | BenchSciToronto | Series D | May 2023 | C$95M | C$95M | Generation Investment Management (lead) and 4 more |
| 4 | MindBridgeOttawa | Venture round | Jul 2023 | US$60M | C$79M | PSG Equity (lead) |
| 5 | EvenUpSan Francisco | Series B | Jun 2023 | US$50.5M | C$67M | Bessemer Venture Partners (lead) and 4 more |
| 6 | Arteria AIToronto | Series B | Oct 2023 | US$30M | C$41M | GGV Capital (lead) and 4 more |
| 7 | GeologicAICalgary | Series A | Jul 2023 | US$30M | C$40M | Breakthrough Energy Ventures (lead) and 1 more |
| 8 | CentMLToronto | Seed | Oct 2023 | US$27M | C$37M | Gradient Ventures (lead) and 5 more |
| 9 | ODAIAToronto | Series B | May 2023 | US$25M | C$34M | Threshold Ventures, Monograph Capital (leads) and 1 more |
| 10 | Novarc TechnologiesVancouver | Series A | Sep 2023 | US$20M | C$27M | Graham Partners (lead) and 2 more |
| 11 | OptableMontréal | Series A | Apr 2023 | US$20M | C$27M | Brightspark Ventures, Desjardins Capital, Deloitte Ventures and 2 more |
| 12 | Conquest PlanningWinnipeg | Series A | Feb 2023 | C$24M | C$24M | Fidelity (lead) |
| 13 | IdeogramToronto | Seed | Aug 2023 | US$16.5M | C$22M | Andreessen Horowitz, Index Ventures (leads) and 3 more |
| 14 | Promise RoboticsToronto | Series A | Oct 2023 | US$15M | C$21M | Horizons Ventures (lead) and 5 more |
| 15 | VentionMontréal | Venture round | Oct 2023 | US$15M | C$20M | Fonds de solidarité FTQ (lead) |
| 16 | FluidAI MedicalKitchener-Waterloo | Series A | Oct 2023 | US$15M | C$20M | SOSV, Graphene Ventures (leads) and 4 more |
| 17 | StatheraMontréal | Series A | May 2023 | US$15M | C$20M | BDC Deep Tech Venture Fund, Celesta Capital (leads) and 1 more |
| 18 | VoiceflowToronto | Venture round | Aug 2023 | US$15M | C$20M | OpenView Venture Partners (lead) and 1 more |
| 19 | DurableVancouver | Series A | Dec 2023 | US$14M | C$19M | Spark Capital (lead) and 6 more |
| 20 | SecodaToronto | Series A | Sep 2023 | US$14M | C$19M | Craft Ventures (lead) and 2 more |
Largest grants and government contributions of 2023
| # | Company | Round | Date | Amount | C$ | Investors |
|---|---|---|---|---|---|---|
| 1 | BlueDotToronto | Grant | Jan 2023 | C$3M | C$3M | FedDev Ontario (lead) |
| 2 | Novarc TechnologiesVancouver | Grant | Jun 2023 | C$2.1M | C$2.1M | PacifiCan (lead) |
| 3 | NozeMontréal | Grant | Mar 2023 | C$1M | C$1M | Bill & Melinda Gates Foundation (lead) |
By quarter
| Quarter | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Q1 2023 | 16 | 16 | C$82M |
| Q2 2023 | 18 | 18 | C$677M |
| Q3 2023 | 15 | 15 | C$388M |
| Q4 2023 | 16 | 16 | C$215M |
| Month not recorded | 3 | 3 | C$15M |
By province
| Province | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Ontario | 31 | 33 | C$861M |
| Outside Canada | 4 | 5 | C$216M |
| British Columbia | 10 | 11 | C$112M |
| Quebec | 12 | 12 | C$91M |
| Alberta | 5 | 5 | C$62M |
| Manitoba | 1 | 1 | C$24M |
| Nova Scotia | 1 | 1 | C$11M |
Top cities
| City | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Toronto | 24 | 26 | C$743M |
| Montréal | 12 | 12 | C$91M |
| Vancouver | 8 | 9 | C$84M |
| Ottawa | 2 | 2 | C$82M |
| Calgary | 3 | 3 | C$48M |
| Kitchener-Waterloo | 4 | 4 | C$36M |
| Winnipeg | 1 | 1 | C$24M |
| Salmon Arm | 1 | 1 | C$18M |
| Edmonton | 2 | 2 | C$13M |
| Halifax | 1 | 1 | C$11M |
By category
| Category | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Foundation Models | 2 | 3 | C$383M |
| AI Hardware/ | 4 | 4 | C$173M |
| Fintech AI | 7 | 7 | C$166M |
| Health/ | 10 | 10 | C$140M |
| Enterprise SaaS AI | 12 | 13 | C$116M |
| Robotics/ | 9 | 10 | C$111M |
| Industrial/ | 7 | 7 | C$90M |
| Legal AI | 2 | 3 | C$82M |
| AI Infrastructure/ | 3 | 3 | C$59M |
| Media/ | 2 | 2 | C$30M |
| AgTech AI | 2 | 2 | C$17M |
| Energy/ | 2 | 2 | C$5.6M |
| Defence/ | 1 | 1 | C$5M |
| GovTech AI | 1 | 1 | — |
By stage
| Stage | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Pre-seed | 8 | 8 | C$17M |
| Seed | 18 | 18 | C$144M |
| Series A | 16 | 16 | C$292M |
| Series B | 4 | 4 | C$156M |
| Series C and later | 3 | 3 | C$456M |
| Venture round (no series letter) | 14 | 14 | C$289M |
| Bridge or extension | 1 | 1 | C$15M |
| Grants and government contributions | 4 | 4 | C$6.1M |
Counts equity rounds, including secondary sales, and grants and government contributions, by the date recorded for each round. Venture debt and public financings are not counted. US$ amounts convert to C$ at the Bank of Canada rate on each round's date. The Index records fewer grants for earlier years, so compare grants across years with care.
Data as of October 26, 2026.