Reports / 2024
Canadian AI funding in 2024
In 2024, the Canadian AI Index records C$4.2B raised by 79 Canadian AI companies across 80 rounds: C$4.1B in 74 equity rounds and C$94M in 6 grants and government contributions.
- Raised
- C$4.2B
- Companies funded
- 79
- Equity rounds
- 74
- Grants
- 6
Largest equity rounds of 2024
| # | Company | Round | Date | Amount | C$ | Investors |
|---|---|---|---|---|---|---|
| 1 | ClioBurnaby | Series F | Jul 2024 | US$900M | C$1.2B | New Enterprise Associates (NEA) (lead) and 4 more |
| 2 | TenstorrentSanta Clara | Series D | Dec 2024 | US$693M | C$974M | Samsung Securities, AFW Partners (leads) and 2 more |
| 3 | CohereToronto | Series D | Jul 2024 | US$500M | C$688M | PSP Investments (lead) and 6 more |
| 4 | WaabiToronto | Series B | Jun 2024 | US$200M | C$274M | Uber, Khosla Ventures (leads) and 4 more |
| 5 | EvenUpSan Francisco | Series D | Oct 2024 | US$135M | C$184M | Bain Capital Ventures (lead) and 5 more |
| 6 | IdeogramToronto | Series A | Feb 2024 | US$80M | C$109M | Andreessen Horowitz (lead) and 4 more |
| 7 | TaalasToronto | Venture round | Feb 2024 | US$38M | C$51M | Quiet Capital, Pierre Lamond (leads) |
| 8 | SpareVancouver | Series B | Sep 2024 | C$42M | C$42M | Inovia Capital (lead) and 2 more |
| 9 | Borderless AIToronto | Seed | Mar 2024 | US$27M | C$37M | Susquehanna, Aglaé Ventures (leads) |
| 10 | BiossilToronto | Series A | 2024 | US$22M | C$30M | Founders Fund (lead) |
| 11 | MaxaMontréal | Series A | May 2024 | US$21M | C$29M | Framework Venture Partners, BDC Industrial Innovation Venture Fund (leads) and 5 more |
| 12 | SpellbookToronto | Series A | Jan 2024 | US$20M | C$27M | Inovia Capital (lead) and 1 more |
| 13 | Viggle AIToronto | Series A | Aug 2024 | US$19M | C$26M | Andreessen Horowitz (lead) and 1 more |
| 14 | ClaritiVancouver | Venture round | Apr 2024 | US$18M | C$25M | Vistara Growth (lead) |
| 15 | CruxOCMCalgary | Series A | Aug 2024 | US$17M | C$23M | M12 (lead) and 10 more |
| 16 | Boosted.aiToronto | Bridge/Extension | Nov 2024 | US$15M | C$21M | Ten Coves Capital, Spark Capital, Portage and 3 more |
| 17 | HyperlumeOttawa | Venture round | 2024 | US$12.5M | C$17M | BDC Capital (lead) and 4 more |
| 18 | Artificial AgencyEdmonton | Seed | Jul 2024 | US$12.5M | C$17M | Radical Ventures, Toyota Ventures (leads) and 4 more |
| 19 | LandbaseSan Francisco | Seed | Sep 2024 | US$12.5M | C$17M | A*, 8VC, Firstminute Capital (leads) and 3 more |
| 20 | Reliant AIMontréal | Seed | Aug 2024 | US$11.3M | C$15M | Inovia Capital, Tola Capital (leads) and 1 more |
Largest grants and government contributions of 2024
| # | Company | Round | Date | Amount | C$ | Investors |
|---|---|---|---|---|---|---|
| 1 | Aspect BiosystemsVancouver | Grant | Jul 2024 | C$72.8M | C$73M | Government of Canada — Strategic Innovation Fund (lead) and 1 more |
| 2 | CoveoQuébec City | Grant | Sep 2024 | C$15.2M | C$15M | Government of Canada — Strategic Innovation Fund (lead) |
| 3 | Ideon TechnologiesRichmond | Grant | Oct 2024 | C$2.7M | C$2.7M | PacifiCan (lead) |
| 4 | Larus TechnologiesOttawa | Grant | Jun 2024 | C$1.5M | C$1.5M | FedDev Ontario (lead) |
| 5 | Rigid RoboticsBurnaby | Grant | Nov 2024 | C$975K | C$975K | PacifiCan (lead) |
| 6 | Open Ocean RoboticsVictoria | Grant | Sep 2024 | C$800K | C$800K | PacifiCan (lead) |
By quarter
| Quarter | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Q1 2024 | 14 | 14 | C$284M |
| Q2 2024 | 15 | 15 | C$400M |
| Q3 2024 | 25 | 25 | C$2.2B |
| Q4 2024 | 21 | 21 | C$1.2B |
| Month not recorded | 5 | 5 | C$52M |
By province
| Province | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Ontario | 43 | 43 | C$1.5B |
| British Columbia | 11 | 12 | C$1.4B |
| Outside Canada | 6 | 6 | C$1.2B |
| Quebec | 10 | 10 | C$85M |
| Alberta | 6 | 6 | C$55M |
| New Brunswick | 2 | 2 | C$9.8M |
| Prince Edward Island | 1 | 1 | C$575K |
Top cities
| City | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Toronto | 35 | 35 | C$1.4B |
| Vancouver | 10 | 10 | C$1.4B |
| Montréal | 7 | 7 | C$67M |
| Ottawa | 3 | 3 | C$29M |
| Edmonton | 3 | 3 | C$28M |
| Calgary | 3 | 3 | C$27M |
| Québec City | 2 | 2 | C$16M |
| Kitchener-Waterloo | 3 | 3 | C$13M |
| Hamilton | 2 | 2 | C$7.9M |
| Saint John | 1 | 1 | C$7.8M |
By category
| Category | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Legal AI | 7 | 7 | C$1.5B |
| AI Hardware/ | 3 | 3 | C$1B |
| Foundation Models | 3 | 3 | C$796M |
| Robotics/ | 6 | 7 | C$289M |
| Health/ | 10 | 10 | C$181M |
| Enterprise SaaS AI | 15 | 15 | C$145M |
| Fintech AI | 8 | 8 | C$72M |
| Media/ | 4 | 4 | C$50M |
| Industrial/ | 7 | 7 | C$49M |
| GovTech AI | 2 | 2 | C$28M |
| Consumer AI | 3 | 3 | C$22M |
| Defence/ | 3 | 3 | C$13M |
| AI Infrastructure/ | 2 | 2 | C$10M |
| Developer Tools/ | 5 | 5 | C$8.5M |
| Energy/ | 1 | 1 | C$6.8M |
By stage
| Stage | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Pre-seed | 15 | 15 | C$24M |
| Seed | 23 | 23 | C$180M |
| Series A | 13 | 13 | C$315M |
| Series B | 2 | 2 | C$316M |
| Series C and later | 5 | 5 | C$3.1B |
| Venture round (no series letter) | 12 | 12 | C$142M |
| Bridge or extension | 4 | 4 | C$30M |
| Grants and government contributions | 6 | 6 | C$94M |
Counts equity rounds, including secondary sales, and grants and government contributions, by the date recorded for each round. Venture debt and public financings are not counted. US$ 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.