Reports / 2026
Canadian AI funding in 2026 so far
So far in 2026, the Canadian AI Index records C$5.8B raised by 154 Canadian AI companies across 158 rounds: C$5.5B in 100 equity rounds and C$281M in 58 grants and government contributions. Figures are as of October 26, 2026.
- Raised
- C$5.8B
- Companies funded
- 154
- Equity rounds
- 100
- Grants
- 58
Largest equity rounds of 2026
| # | Company | Round | Date | Amount | C$ | Investors |
|---|---|---|---|---|---|---|
| 1 | TenstorrentSanta Clara | Series E | Oct 2026 | US$1.5B | C$2.1B | Trace Capital, Innovation X (leads) and 4 more |
| 2 | WaabiToronto | Series C | Jan 2026 | US$750M | C$1B | Khosla Ventures, G2 Venture Partners (leads) and 9 more |
| 3 | BeaconToronto | Series C | Jan 2026 | US$225M | C$310M | General Catalyst, HarbourVest Partners (leads) and 6 more |
| 4 | TaalasToronto | Venture round | Feb 2026 | US$169M | C$231M | Quiet Capital, Fidelity, Pierre Lamond |
| 5 | BiossilToronto | Venture round | Sep 2026 | US$153M | C$217M | OpenAI Startup Fund (lead) and 7 more |
| 6 | VentionMontréal | Series D | Jan 2026 | US$110M | C$150M | Investissement Québec (lead) and 3 more |
| 7 | Dominion DynamicsOttawa | Series A | Jun 2026 | C$139M | C$139M | Georgian (lead) and 13 more |
| 8 | Veeda AIToronto | Seed | Aug 2026 | US$90M | C$124M | Radical Ventures, Khosla Ventures (leads) |
| 9 | Mecka AINew York | Series B | Oct 2026 | US$60M | C$86M | Sequoia Capital (lead) and 10 more |
| 10 | StatheraMontréal | Series B | Jun 2026 | US$55M | C$78M | Maverick Silicon (lead) and 5 more |
| 11 | GumloopSan Francisco | Series B | Mar 2026 | US$50M | C$68M | Benchmark (lead) and 6 more |
| 12 | BiossilToronto | Series B | Apr 2026 | US$43M | C$59M | Founders Fund, OpenAI Startup Fund (leads) |
| 13 | Moment EnergyCoquitlam | Series B | May 2026 | US$40M | C$54M | Evok Innovations (lead) and 7 more |
| 14 | Congruence TherapeuticsMontréal | Venture round | Mar 2026 | US$39.5M | C$54M | Dimension, OrbiMed (leads) and 7 more |
| 15 | Mecka AINew York | Bridge/Extension | Jun 2026 | US$35M | C$49M | Framework Ventures (lead) |
| 16 | MicrologicQuébec City | Venture round | Sep 2026 | C$45M | C$45M | Fonds de solidarité FTQ, Investissement Québec |
| 17 | Saris AIMontréal | Series A | May 2026 | US$28.8M | C$40M | 8VC (lead) and 4 more |
| 18 | ThinkLabsNew York | Series A | Mar 2026 | US$28M | C$39M | Energy Impact Partners (lead) and 7 more |
| 19 | ManevaPalo Alto | Series A | Jun 2026 | US$27M | C$38M | USVP (lead) and 2 more |
| 20 | Altis LabsToronto | Series A | Sep 2026 | US$25M | C$35M | OrbiMed, Qiming Venture Partners USA (leads) and 4 more |
Largest grants and government contributions of 2026
| # | Company | Round | Date | Amount | C$ | Investors |
|---|---|---|---|---|---|---|
| 1 | LawZeroMontréal | Grant | Sep 2026 | C$150M | C$150M | Government of Canada — Strategic Response Fund (lead) |
| 2 | Aspect BiosystemsVancouver | Grant | Apr 2026 | C$79M | C$79M | Government of Canada — Strategic Response Fund (lead) |
| 3 | TaivWinnipeg | Grant | Jul 2026 | C$5M | C$5M | PrairiesCan (lead) |
| 4 | NordSpaceMarkham | Grant | May 2026 | C$3.2M | C$3.2M | — |
| 5 | Human in Motion RoboticsVancouver | Grant | May 2026 | C$3M | C$3M | PacifiCan (lead) |
| 6 | KoonkieVancouver | Grant | Jul 2026 | C$2.9M | C$2.9M | DIGITAL Global Innovation Cluster |
| 7 | VRIFYVancouver | Grant | May 2026 | C$2.9M | C$2.9M | PacifiCan (lead) |
| 8 | MetaspectralVancouver | Grant | May 2026 | C$2.6M | C$2.6M | PacifiCan (lead) |
| 9 | atreidesVictoria | Grant | Mar 2026 | C$2.5M | C$2.5M | PacifiCan (lead) |
| 10 | Private AI (o/a Limina)Toronto | Grant | May 2026 | C$2M | C$2M | FedDev Ontario (lead) |
By quarter
| Quarter | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Q1 2026 | 40 | 40 | C$2.1B |
| Q2 2026 | 48 | 48 | C$697M |
| Q3 2026 | 57 | 57 | C$777M |
| Q4 2026 | 11 | 11 | C$2.2B |
| Month not recorded | 2 | 2 | C$18M |
By province
| Province | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Outside Canada | 12 | 13 | C$2.5B |
| Ontario | 54 | 56 | C$2.4B |
| Quebec | 40 | 40 | C$615M |
| British Columbia | 20 | 20 | C$240M |
| Alberta | 11 | 11 | C$39M |
| New Brunswick | 3 | 3 | C$18M |
| Nova Scotia | 4 | 5 | C$9.7M |
| Manitoba | 2 | 2 | C$6.8M |
| Saskatchewan | 6 | 6 | C$3.7M |
| Newfoundland and Labrador | 2 | 2 | C$950K |
Top cities
| City | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Toronto | 41 | 42 | C$2.2B |
| Montréal | 34 | 34 | C$548M |
| Vancouver | 19 | 19 | C$238M |
| Ottawa | 7 | 8 | C$174M |
| Québec City | 4 | 4 | C$66M |
| Calgary | 8 | 8 | C$37M |
| Kitchener-Waterloo | 3 | 3 | C$21M |
| Fredericton | 3 | 3 | C$18M |
| Halifax | 4 | 5 | C$9.7M |
| Winnipeg | 2 | 2 | C$6.8M |
By category
| Category | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| AI Hardware/ | 6 | 6 | C$2.4B |
| Robotics/ | 10 | 11 | C$1.3B |
| Health/ | 25 | 26 | C$515M |
| Enterprise SaaS AI | 20 | 21 | C$377M |
| Foundation Models | 3 | 3 | C$302M |
| Defence/ | 10 | 11 | C$196M |
| Energy/ | 6 | 6 | C$131M |
| Developer Tools/ | 8 | 8 | C$99M |
| AI Infrastructure/ | 6 | 6 | C$92M |
| Industrial/ | 15 | 15 | C$91M |
| Fintech AI | 14 | 14 | C$86M |
| Consumer AI | 6 | 6 | C$41M |
| AgTech AI | 11 | 11 | C$39M |
| Media/ | 9 | 9 | C$26M |
| GovTech AI | 4 | 4 | C$9.3M |
| Legal AI | 1 | 1 | C$2.7M |
By stage
| Stage | Companies | Rounds | Raised (C$) |
|---|---|---|---|
| Pre-seed | 23 | 23 | C$46M |
| Seed | 28 | 28 | C$298M |
| Series A | 18 | 18 | C$513M |
| Series B | 5 | 5 | C$345M |
| Series C and later | 4 | 4 | C$3.6B |
| Venture round (no series letter) | 18 | 18 | C$616M |
| Bridge or extension | 4 | 4 | C$85M |
| Grants and government contributions | 58 | 58 | C$281M |
Counts equity rounds, including secondary sales, and grants and government contributions, by the date recorded for each round. Venture debt and public financings are not counted. US$ 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.