When Cohere raised $500 million in August 2024 at a $6.8 billion valuation, the cap table read like a who's who of global AI investors—but the lead was Radical Ventures, a Toronto-based firm founded by the same people who helped launch the Vector Institute with Geoffrey Hinton.
Canada now has $11.5 billion in dry powder held by domestic VC investors, and AI captured 36% of all venture funding globally in 2024. Here's every firm you need to know.
What Are the Top Canadian AI VCs?
Quick Reference: Major Canadian AI Investors
Radical Ventures
The Hinton-Connected AI Powerhouse
Radical Ventures is Canada's most AI-focused venture capital firm, founded in 2017 by executives who helped create the Vector Institute for Artificial Intelligence.
Key People
- Jordan Jacobs (Co-Founder, Managing Partner) — Previously co-founded Layer 6 (acquired by TD Bank), became TD's Chief AI Officer, co-founded Vector Institute with Geoffrey Hinton
- Tomi Poutanen (Co-Founder, Partner) — Built AI products for 20+ years, five exits including Microsoft and Yahoo, Vector Institute co-founder
- Geoffrey Hinton — Nobel Prize winner, "Godfather of AI," Vector Institute co-founder, investor and advisor
Fund History
Notable AI Portfolio Companies
Investment Thesis
Radical invests in "entrepreneurs applying deep technology to transform massive industries," with a primary focus on machine learning and artificial intelligence. They partner with CPP Investments, PSP Investments, and other Canadian pension funds.
"CPP Investments backed Radical Ventures because Canada has world-class STEM talent, generous research funding, market proximity, and a favourable visa regime." — CPP Investments
Inovia Capital
Montreal's Multi-Stage Tech Investor
Inovia Capital is one of Canada's oldest and most successful venture firms, with a strong track record of backing companies from seed through growth.
Recent Activity (2024-2025)
- $1.8B raised across portfolio in 2024
- $194M deployed in 55 investments
- $1.6B returned to LPs in past 36 months
Notable AI Portfolio Companies
Fund Structure
Inovia operates multiple fund strategies:
Key LPs: CDPQ (lead), Fonds de solidarité FTQ, BDC, Investissement Québec
Georgian
Growth Equity for B2B AI Software
Georgian (formerly Georgian Partners) is a Toronto-based growth equity firm specializing in B2B software companies applying AI.
Investment Thesis
Georgian invests in companies generating $500K+ monthly recurring revenue raising $25M+. Their thesis areas include:
- Applied AI
- Conversational AI
- Trust (security, privacy)
- Product-Led Purpose
Recent AI Investments
Fund Evolution
BDC Capital
Canada's Government VC Arm
BDC Capital is Canada's largest and most active venture capital investor, operating as the investment arm of the Business Development Bank of Canada.
2025 Commitments
BDC announced major new funding commitments in February 2025:
AI Portfolio Highlights
Why BDC Matters
BDC serves as an LP in many Canadian VC funds, providing foundational capital to the ecosystem. They also make direct investments across all stages, with particular strength in later-stage funding.
OMERS Ventures
Pension Fund Venture Capital
OMERS Ventures is the early-stage tech investing arm of OMERS, one of Canada's largest pension funds.
AI Investment Strategy
OMERS has publicly stated AI will be "transformational" and aims to build a portfolio of AI-focused investments across:
- AI infrastructure and observability
- Enterprise AI applications
- Fintech with AI capabilities
Recent AI Investments
2025 Strategic Shift
In July 2025, OMERS Ventures announced a refocus on Canadian investments, with some team changes reflecting this strategic shift toward domestic AI opportunities.
Real Ventures
Montreal's Pioneer Seed Fund
Real Ventures is Canada's leading early-stage venture capital firm, based in Montreal with a focus on transformative technology.
Recent AI Investments
Recognition
- John Stokes won the 2025 Barry Gekiere Lifetime Legacy Award
- Won 2024 VC Global Dealmaker Award for atVenu exit
- Portfolio includes Clearco, Blockstream, and Sonder
Golden Ventures
Toronto's Seed-Stage Specialist
Golden Ventures is a Toronto-based seed-stage firm backing founders across North America with a focus on AI, climate, blockchain, and quantum.
AI Portfolio Companies
Notable Exits
- Wattpad — Acquired by Naver
- SkipTheDishes — Acquired by Just Eat
- Clearco — Unicorn
Other Canadian AI-Focused VCs
Diagram Ventures (Montreal)
Notable launches: Dialogue, Nesto, Novisto. Recently launched AI/LLM ventures in logistics automation.
Yaletown Partners (Vancouver)
Recent investments: GHGSat, Nanoprecise ($38M Series C lead). Named 8th most active private independent firm by CVCA.
Panache Ventures (Distributed)
Known for being the first institutional investor in many Canadian AI companies.
US VCs Active in Canadian AI
Tiger Global
Tiger Global led Cohere's $125M round in 2021, marking one of the largest US VC investments in Canadian AI at the time. They've continued to invest in subsequent rounds.
Index Ventures
San Francisco and London-based Index led Cohere's $40M round and participated in the Tiger Global-led round. They maintain active interest in Toronto's AI ecosystem.
Khosla Ventures
Khosla co-led Waabi's $200M Series B alongside Uber in June 2024. They were early believers in autonomous trucking and Raquel Urtasun's simulation-first approach.
NVIDIA / NVentures
NVIDIA has invested in both Cohere and Waabi:
NVentures engaged in 30 deals in 2025 (vs. 1 in 2022), dramatically increasing their pace.
Salesforce Ventures
Salesforce participated in Cohere's funding at the $5B valuation, alongside NVIDIA and Cisco. Strategic interest in enterprise AI capabilities.
How Do You Raise from Canadian VCs?
What Canadian VCs Look For
Stage Requirements
How to Get Meetings
- Warm Introductions: Ask founders in their portfolio for introductions
- CDL/Accelerators: Graduate from Creative Destruction Lab, Next AI, or other programs
- Vector/Mila Network: Leverage research institute connections
- Events: Attend Collision, Elevate, or AGI House Canada events
- Direct Outreach: Some firms accept cold emails (check their websites)
Canadian AI Funding Statistics
2024 Landscape
Canada's AI Advantage
Canada ranked third in the G7 for funding per capita raised for AI companies. The federal government's $2.4B AI investment (Budget 2024) includes compute access, research funding, and support for homegrown AI companies like Cohere.
Frequently Asked Questions
Who are the top AI VCs in Canada?
The leading AI-focused VCs in Canada are Radical Ventures ($1.8B AUM, 100% AI focus), Inovia Capital ($2.2B AUM, generalist with strong AI portfolio), and Georgian ($1.1B CAD, B2B software + AI). BDC Capital and OMERS Ventures are major institutional investors. Radical Ventures stands out for its direct connection to Geoffrey Hinton and the Vector Institute.
How much are Canadian VCs investing in AI?
Canadian VCs deployed significant capital into AI in 2024-2025. Radical Ventures alone has $1.8B under management dedicated to AI. BDC Capital committed an additional $950M to growth-stage funds in 2025. In Q1 2024, there were 143 AI-related deals totaling $2.4B CAD in Canada.
What do Canadian VCs look for in AI startups?
Canadian VCs prioritize: technical founding teams with domain expertise, defensible AI technology (not just API wrappers), large global markets, and a Canada connection. For early-stage, they want strong teams and prototypes. For Series A+, they expect product-market fit and meaningful revenue ($1M+ ARR for Series A, $5M+ for growth rounds).
How do I get a meeting with Radical Ventures?
The most effective paths to Radical Ventures are: warm introductions from portfolio company founders (Cohere, Waabi, etc.), graduating from Creative Destruction Lab (Jordan Jacobs is a CDL mentor), demonstrating connection to the Vector Institute or Toronto AI research community, or attending their AI Founders Masterclass events.
Are US VCs investing in Canadian AI startups?
Yes, significantly. Tiger Global, Index Ventures, Khosla Ventures, NVIDIA, and Salesforce Ventures have all invested in major Canadian AI companies. Cohere has raised from Tiger Global, Index, NVIDIA, and Salesforce. Waabi raised from Khosla Ventures and NVIDIA. US VCs are increasingly active in Canada due to the quality of AI research talent.
What's the difference between Radical Ventures and other Canadian VCs?
Radical Ventures is unique in being 100% focused on AI with direct ties to Geoffrey Hinton and the Vector Institute. Their founders (Jordan Jacobs, Tomi Poutanen) co-founded both the Vector Institute and Layer 6 (acquired by TD Bank). Other Canadian VCs like Inovia and Georgian invest across sectors, while Radical only backs AI companies.
How much equity do Canadian VCs typically take?
Canadian VCs typically take 15-25% ownership at seed stage, 15-20% at Series A, and 10-15% at later stages. This is comparable to US norms. Valuation expectations have moderated since 2022, but top AI companies like Cohere and Waabi continue to command premium valuations.
Can pre-revenue startups raise from Canadian VCs?
Yes, many Canadian VCs invest at pre-revenue stages. Golden Ventures, Panache Ventures, and Real Ventures specialize in seed-stage investments in pre-revenue companies. BDC's Seed Venture Fund and various accelerator-affiliated funds also back very early companies. Strong technical teams building defensible AI technology can raise without revenue.
Related Reading
Canadian AI Funding
- AI Founder Resources Canada — Programs, grants, and funding sources
- Canadian AI Accelerators & Incubators — Where to launch and grow
- SR&ED Tax Credits for AI Startups — Claim up to $2.1M annually
Canadian AI Companies
- Canadian AI Unicorns — Billion-dollar success stories
- Cohere Enterprise LLM Guide — Canada's most valuable AI company
- Aidan Gomez: Cohere Founder — Transformers co-author profile
The AI Ecosystem
- Vector Institute Complete Guide — Toronto's AI research hub
- Toronto-Waterloo Corridor Guide — North America's second-largest tech hub
- The AI Triangle — How Toronto, Montreal, and Vancouver collaborate
Research & Policy
- CIFAR Complete Guide — The institute that funded deep learning
- Canada AI Strategy Guide — Federal AI investment and policy
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Data current as of January 2026. Information compiled from Crunchbase, PitchBook, BetaKit, VC firm websites, and public announcements. Investment activity and fund sizes change frequently—verify current information before outreach.
