Canada is making a bold move to transform its world-class AI research into real-world impact.
Mila, the renowned Quebec-based AI institute, has teamed up with Inovia Capital, a multi-stage software investor, to launch the Venture Scientist Fund—a venture capital initiative aimed at turning cutting-edge AI research from Canadian universities into thriving, AI-native companies.
This fund isn’t just about money; it’s about translating scientific breakthroughs into companies that can shape industries and create global impact.
At the official launch, key figures including Deep Saini, President of McGill University, Chris Arsenault, CEO of Inovia Capital, the Honourable Evan Solomon, Minister of Artificial Intelligence and Digital Innovation, Valérie Pisano, President of Mila, and Daniel Jutras, Rector of Université de Montréal, highlighted the transformative potential of this partnership.
Fund Details and Investment Focus
The Venture Scientist Fund is targeting USD $100 million, with the goal of backing more than 55 AI-native startups emerging from Canada’s leading research institutions.
Universities like the University of Alberta, University of British Columbia, McGill University, Université de Montréal, University of Toronto, and the University of Waterloo will be key talent and innovation sources.
Investment will focus on areas where deep scientific knowledge offers a competitive edge.
This includes foundational AI, deep tech, and next-generation computational and physical infrastructure.
By concentrating on these domains, the fund aims to support companies with high technical complexity that can define new markets.
Early Engagement with AI Startups
One of the most unique aspects of the Venture Scientist Fund is its early-stage engagement.
Integrated with Canada’s National AI Institutes—including Amii, Mila, and Vector—the fund connects with researchers and entrepreneurs before their startups formally exist.
This approach helps guide scientific ideas from concept to commercialization while ensuring intellectual property and talent remain in Canada.
The fund is expected to anchor research domestically and nurture the growth of category-defining AI companies rooted in frontier science.
By supporting founders from day one, it strengthens Canada’s position as a global AI innovation hub.
Inovia Capital: Partnering for Growth
Chris Arsenault leads Inovia Capital, a global multi-stage software investor with over USD $2.5 billion under management.
The firm operates in Montreal, Toronto, Waterloo, Calgary, the Bay Area, London, and Abu Dhabi, using three investment strategies—Discovery, Venture, and Growth—to help founders scale their companies.
With an operator-led mindset, Inovia provides hands-on mentorship, multi-stage support, and access to a worldwide network.
Mila: Driving AI Research and Innovation
Founded by Professor Yoshua Bengio, Mila – Quebec AI Institute is one of the world’s leading AI research centers, focused on deep learning.
With a community of over 1,500 researchers, Mila partners with Université de Montréal and McGill University to turn scientific breakthroughs into innovations that benefit society.
As a non-profit, Mila receives support from both the Government of Canada, through the Pan-Canadian AI Strategy, and the Government of Quebec.
The partnership with Inovia Capital marks a significant step in turning Mila’s research excellence into tangible, globally competitive AI companies.
Looking Ahead
With the Venture Scientist Fund now in motion, Canada is set to retain top talent, anchor intellectual property, and cultivate AI startups that could define entire industries.
For researchers, founders, and investors, the message is clear: the era of Canadian AI companies going global is officially underway.
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