Reports / 2025
Canadian AI funding in 2025
In 2025, the Canadian AI Index records C$3.9B raised by 120 Canadian AI companies across 125 rounds: C$3.8B in 99 equity rounds and C$30M in 26 grants and government contributions.
- Raised
- C$3.9B
- Companies funded
- 120
- Equity rounds
- 99
- Grants
- 26
Largest equity rounds of 2025
| # | Company | Round | Date | Amount | C$ | Investors |
|---|---|---|---|---|---|---|
| 1 | ClioBurnaby | Series G | Nov 2025 | US$500M | C$701M | New Enterprise Associates (NEA) (lead) |
| 2 | CohereToronto | Venture round | Aug 2025 | US$500M | C$690M | Radical Ventures, Inovia Capital (leads) and 5 more |
| 3 | BeaconToronto | Series B | Nov 2025 | US$250M | C$352M | General Catalyst, Lightspeed Venture Partners, D1 Capital Partners (leads) |
| 4 | EvenUpSan Francisco | Series E | Oct 2025 | US$150M | C$209M | Bessemer Venture Partners (lead) and 1 more |
| 5 | Blue JToronto | Series D | Aug 2025 | US$122M | C$168M | Oak HC/FT, Sapphire Ventures (leads) and 3 more |
| 6 | CohereToronto | Bridge/Extension | Sep 2025 | US$100M | C$139M | Nexxus Capital Management, Inovia Capital, Radical Ventures and 3 more |
| 7 | MoonvalleyToronto | Seed | Jul 2025 | US$84M | C$115M | General Catalyst (lead) and 5 more |
| 8 | Conquest PlanningWinnipeg | Series B | Jun 2025 | US$80M | C$109M | Goldman Sachs Asset Management (lead) and 7 more |
| 9 | CoLab SoftwareSt. John's | Series C | Nov 2025 | US$72M | C$101M | Intrepid Growth Partners (lead) and 5 more |
| 10 | Watch OutMontréal | Venture round | Dec 2025 | C$100M | C$100M | LISI Group, EMTEK |
| 11 | Novarc TechnologiesVancouver | Series B | Mar 2025 | US$50M | C$72M | Export Development Canada (lead) and 3 more |
| 12 | SpellbookToronto | Series B | Oct 2025 | US$50M | C$70M | Khosla Ventures (lead) and 5 more |
| 13 | BinSentryKitchener-Waterloo | Series C | Aug 2025 | US$50M | C$69M | Lead Edge Capital (lead) |
| 14 | GeologicAICalgary | Series B | Jul 2025 | US$44M | C$61M | Blue Earth Capital (lead) and 4 more |
| 15 | Nanoprecise Sci CorpEdmonton | Series C | Mar 2025 | US$38M | C$54M | Yaletown Partners, BDC Industrial Innovation Venture Fund (leads) and 3 more |
| 16 | Congruence TherapeuticsMontréal | Venture round | Sep 2025 | US$32M | C$44M | Amplitude Ventures, Fonds de solidarité FTQ, Lumira Ventures and 6 more |
| 17 | LandbaseSan Francisco | Series A | Jun 2025 | US$30M | C$41M | Sound Ventures, Picus Capital (leads) and 4 more |
| 18 | 4AG RoboticsSalmon Arm | Series B | Jul 2025 | C$40M | C$40M | Astanor, Cibus Capital (leads) and 6 more |
| 19 | Lemurian LabsSanta Clara | Series A | Dec 2025 | US$28M | C$39M | Pebblebed, Hexagon (leads) and 1 more |
| 20 | NovistoMontréal | Series C | May 2025 | US$27M | C$38M | Inovia Capital (lead) and 5 more |
Largest grants and government contributions of 2025
| # | Company | Round | Date | Amount | C$ | Investors |
|---|---|---|---|---|---|---|
| 1 | ACTOToronto | Grant | Mar 2025 | C$3M | C$3M | FedDev Ontario (lead) |
| 2 | Ecopia AIToronto | Grant | Mar 2025 | C$2.6M | C$2.6M | FedDev Ontario (lead) |
| 3 | Blue JToronto | Grant | Mar 2025 | C$2M | C$2M | FedDev Ontario (lead) |
| 4 | RanovusOttawa | Grant | Aug 2025 | C$2M | C$2M | Invest Ontario (lead) |
| 5 | SamdeskEdmonton | Grant | Jun 2025 | C$1.8M | C$1.8M | PrairiesCan (lead) |
| 6 | AdaToronto | Grant | Mar 2025 | C$1.8M | C$1.8M | FedDev Ontario (lead) |
| 7 | Armilla AIToronto | Grant | Dec 2025 | C$1.6M | C$1.6M | FedDev Ontario (lead) |
| 8 | ForcenToronto | Grant | Mar 2025 | C$1.5M | C$1.5M | FedDev Ontario (lead) |
| 9 | Applied Brain ResearchKitchener-Waterloo | Grant | Dec 2025 | C$1.5M | C$1.5M | FedDev Ontario (lead) |
| 10 | B3 SystemsToronto | Grant | Dec 2025 | C$1.5M | C$1.5M | FedDev Ontario (lead) |
By quarter
| Quarter | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Q1 2025 | 26 | 26 | C$293M |
| Q2 2025 | 21 | 22 | C$407M |
| Q3 2025 | 36 | 37 | C$1.4B |
| Q4 2025 | 37 | 37 | C$1.7B |
| Month not recorded | 3 | 3 | C$27M |
By province
| Province | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Ontario | 63 | 68 | C$1.9B |
| British Columbia | 12 | 12 | C$893M |
| Outside Canada | 7 | 7 | C$380M |
| Quebec | 24 | 24 | C$341M |
| Manitoba | 2 | 2 | C$123M |
| Alberta | 7 | 7 | C$123M |
| Newfoundland and Labrador | 1 | 1 | C$101M |
| New Brunswick | 2 | 2 | C$3.4M |
| Saskatchewan | 1 | 1 | C$587K |
| Nova Scotia | 1 | 1 | C$256K |
Top cities
| City | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Toronto | 44 | 48 | C$1.8B |
| Vancouver | 10 | 10 | C$852M |
| Montréal | 21 | 21 | C$303M |
| Winnipeg | 2 | 2 | C$123M |
| St. John's | 1 | 1 | C$101M |
| Kitchener-Waterloo | 7 | 7 | C$86M |
| Calgary | 4 | 4 | C$67M |
| Edmonton | 3 | 3 | C$56M |
| Salmon Arm | 1 | 1 | C$40M |
| Québec City | 3 | 3 | C$39M |
By category
| Category | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Legal AI | 8 | 9 | C$1.2B |
| Foundation Models | 1 | 2 | C$829M |
| Enterprise SaaS AI | 22 | 22 | C$507M |
| Industrial/ | 11 | 11 | C$376M |
| Robotics/ | 11 | 11 | C$186M |
| Media/ | 11 | 11 | C$180M |
| Fintech AI | 10 | 11 | C$172M |
| Health/ | 16 | 17 | C$110M |
| Developer Tools/ | 6 | 6 | C$100M |
| AgTech AI | 3 | 3 | C$70M |
| AI Infrastructure/ | 3 | 3 | C$43M |
| AI Hardware/ | 4 | 4 | C$35M |
| GovTech AI | 2 | 2 | C$34M |
| Consumer AI | 3 | 4 | C$20M |
| Defence/ | 6 | 6 | C$19M |
| Energy/ | 3 | 3 | C$10M |
By stage
| Stage | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Pre-seed | 16 | 16 | C$33M |
| Seed | 36 | 36 | C$318M |
| Series A | 14 | 14 | C$308M |
| Series B | 8 | 8 | C$750M |
| Series C and later | 7 | 7 | C$1.3B |
| Venture round (no series letter) | 12 | 12 | C$898M |
| Bridge or extension | 6 | 6 | C$176M |
| Grants and government contributions | 26 | 26 | C$30M |
Counts equity rounds, including secondary sales, and grants and government contributions, by the date recorded for each round. Venture debt and public financings are not counted. US$ 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.