# Top 50 AI Startups in Toronto-Waterloo by Funding (2026)

> The 50 best-funded AI startups in Toronto-Waterloo, ranked by total funding raised: $14B combined. With founding year, headquarters and each company's rounds.

Source: https://millionrounds.com/top-lists/ai-startups-toronto-waterloo (Millionrounds; every figure on the page links to its filing or article)

- 1 [**Cohere** Cohere is a Canadian multinational artificial intelligence company founded in 2019, specializing in foundational large language models (LLMs) and enterprise AI](https://millionrounds.com/company/cohere) Cohere is a Canadian multinational artificial intelligence company founded in 2019, specializing in foundational large language models (LLMs) and enterprise AI *Founded* 2019 Toronto, Canada **$5.6B** last round Oct 2026
- 2 [**Hut 8 Corp.** Hut 8 Corp.](https://millionrounds.com/company/hut-8-corp) Hut 8 Corp. *Founded* - Toronto, Canada **$4.3B** last round Jun 2026
- 3 [**Waabi** Waabi is an artificial intelligence company based in Toronto, Canada, specializing in autonomous self-driving technology for long-haul trucking.](https://millionrounds.com/company/waabi) Waabi is an artificial intelligence company based in Toronto, Canada, specializing in autonomous self-driving technology for long-haul trucking. *Founded* 2021 Toronto, Canada **$1.0B** last round Jan 2026
- 4 [**Beacon Software** Beacon acquires and grows essential businesses.](https://millionrounds.com/company/beacon-software) Beacon acquires and grows essential businesses. *Founded* - Toronto, Canada **$475M** last round Jun 2026
- 5 [**Converge Technology Solutions** Converge Technology Solutions is an IT company that offers cybersecurity, AI, advanced analytics, and digital infrastructure services.](https://millionrounds.com/company/converge-technology-solutions) Converge Technology Solutions is an IT company that offers cybersecurity, AI, advanced analytics, and digital infrastructure services. *Founded* 2017 Toronto, Canada **$469M** last round Jul 2022
- 6 [**Blue J** Blue J is a Toronto-based enterprise software company founded in 2015, specializing in generative AI-powered tax research.](https://millionrounds.com/company/blue-j) Blue J is a Toronto-based enterprise software company founded in 2015, specializing in generative AI-powered tax research. *Founded* 2015 Toronto, Canada **$298M** last round Nov 2026
- 7 [**Deep Genomics** Deep Genomics is using artificial intelligence to build a new universe of life-saving genetic therapies.](https://millionrounds.com/company/deep-genomics) Deep Genomics is using artificial intelligence to build a new universe of life-saving genetic therapies. *Founded* 2014 Toronto, Canada **$197M** last round Jul 2021
- 8 [**Taalas** Taalas is creating a platform for quickly turning any AI model into custom silicon.](https://millionrounds.com/company/taalas) Taalas is creating a platform for quickly turning any AI model into custom silicon. *Founded* 2023 Toronto, Canada **$169M** last round Feb 2026
- 9 [**Untether AI** Untether AI develops AI chips to enable new frontiers in AI applications.](https://millionrounds.com/company/untether-ai) Untether AI develops AI chips to enable new frontiers in AI applications. *Founded* 2018 Toronto, Canada **$158M** last round Jul 2021
- 10 [**Biossil** Biossil is an AI-native biopharma company located in Toronto, Canada.](https://millionrounds.com/company/biossil) Biossil is an AI-native biopharma company located in Toronto, Canada. *Founded* 2023 Toronto, Canada **$153M** last round Sept 2026
- 11 [**Amity** Amity is a technology company based in Toronto, specializing in Customer Success Software delivered as a cloud-native SaaS platform.](https://millionrounds.com/company/amity) Amity is a technology company based in Toronto, specializing in Customer Success Software delivered as a cloud-native SaaS platform. *Founded* 2012 Toronto, Canada **$100M** last round Nov 2026
- 12 [**BenchSci** BenchSci is a Toronto-based software company that specializes in AI-driven solutions for life sciences and drug discovery.](https://millionrounds.com/company/benchsci) BenchSci is a Toronto-based software company that specializes in AI-driven solutions for life sciences and drug discovery. *Founded* 2015 Toronto, Canada **$98M** last round May 2023
- 13 [**Ideogram** Ideogram is an artificial intelligence company based in Toronto, Ontario, specializing in generative media, particularly text-to-image models.](https://millionrounds.com/company/ideogram) Ideogram is an artificial intelligence company based in Toronto, Ontario, specializing in generative media, particularly text-to-image models. *Founded* 2022 Toronto, Canada **$80M** last round Feb 2024
- 14 [**Delphia** Delphia is a Toronto-based fintech company founded in 2018 that specializes in AI-driven investment products.](https://millionrounds.com/company/delphia) Delphia is a Toronto-based fintech company founded in 2018 that specializes in AI-driven investment products. *Founded* 2018 Toronto, Canada **$60M** last round Jun 2022
- 15 [**MappedIn** Mappedin is a leader in indoor mapping and spatial data management, based in Waterloo, Ontario, Canada.](https://millionrounds.com/company/mappedin) Mappedin is a leader in indoor mapping and spatial data management, based in Waterloo, Ontario, Canada. *Founded* 2011 Waterloo, Canada **$52M** last round Apr 2026
- 16 [**Healwell Al** Healwell Al is a healthcare technology company that utilizes AI and data science for the early identification and detection of diseases.](https://millionrounds.com/company/healwell-al) Healwell Al is a healthcare technology company that utilizes AI and data science for the early identification and detection of diseases. *Founded* 2012 Toronto, Canada **$50M** last round Feb 2025
- 17 [**Pine** Pine operates as a digital mortgage company.](https://millionrounds.com/company/pine) Pine operates as a digital mortgage company. *Founded* 2021 Toronto, Canada **$50M** last round Jun 2025
- 18 [**Forma.ai** Forma.ai is an AI-powered Sales Performance Management (SPM) platform based in Toronto, Canada.](https://millionrounds.com/company/forma-ai) Forma.ai is an AI-powered Sales Performance Management (SPM) platform based in Toronto, Canada. *Founded* 2016 Toronto, Canada **$45M** last round May 2022
- 19 [**Clearpath Robotics** Clearpath provides self-driving vehicle technology and services for research and industrial clients.](https://millionrounds.com/company/clearpath-robotics) Clearpath provides self-driving vehicle technology and services for research and industrial clients. *Founded* 2009 Kitchener, Canada **$41M** last round Oct 2016
- 20 [**Spellbook** Spellbook is a legal software startup that develops a generative artificial intelligence contract drafting tool for lawyers.](https://millionrounds.com/company/spellbook) Spellbook is a legal software startup that develops a generative artificial intelligence contract drafting tool for lawyers. *Founded* 2018 Toronto, Canada **$40M** last round Mar 2026
- 21 [**Maneva** Maneva is an industrial AI company based in Toronto, founded in 2021.](https://millionrounds.com/company/maneva) Maneva is an industrial AI company based in Toronto, founded in 2021. *Founded* 2022 Toronto, Canada **$37M** last round Jun 2026
- 22 [**Borrowell** Borrowell is a prominent Canadian fintech company founded in 2014 and based in Toronto, Ontario.](https://millionrounds.com/company/borrowell) Borrowell is a prominent Canadian fintech company founded in 2014 and based in Toronto, Ontario. *Founded* 2014 Toronto, Canada **$35M** last round May 2022
- 23 [**Altis Labs** Altis Labs, Inc.](https://millionrounds.com/company/altis-labs) Altis Labs, Inc. *Founded* 2019 Toronto, Canada **$31M** last round Sept 2026
- 24 [**Arteria AI** Arteria AI is a Toronto-based company that specializes in contract lifecycle management (CLM) and document intelligence.](https://millionrounds.com/company/arteria-ai) Arteria AI is a Toronto-based company that specializes in contract lifecycle management (CLM) and document intelligence. *Founded* 2020 Toronto, Canada **$30M** last round Oct 2023
- 25 [**CentML** CentML accelerates Machine Learning workloads by maximizing training and inference efficiency leading to compute cost reduction.](https://millionrounds.com/company/centml) CentML accelerates Machine Learning workloads by maximizing training and inference efficiency leading to compute cost reduction. *Founded* 2022 Toronto, Canada **$27M** last round Oct 2023
- 26 [**ODAIA** ODAIA is a Toronto-based AI company founded in 2018, specializing in AI-powered commercial intelligence for the life sciences and pharmaceutical industry.](https://millionrounds.com/company/odaia) ODAIA is a Toronto-based AI company founded in 2018, specializing in AI-powered commercial intelligence for the life sciences and pharmaceutical industry. *Founded* 2018 Toronto, Canada **$27M** last round May 2023
- 27 [**Armilla AI** Armilla AI is a governance platform that enables algorithmic accountability to drive ethical decisions with transparency.](https://millionrounds.com/company/armilla-ai) Armilla AI is a governance platform that enables algorithmic accountability to drive ethical decisions with transparency. *Founded* 2019 Toronto, Canada **$25M** last round Jan 2026
- 28 [**Astrus** Astrus is a Toronto-based artificial intelligence startup founded in 2022, focusing on AI-driven Electronic Design Automation (EDA) for analog microchip layout design.](https://millionrounds.com/company/astrus) Astrus is a Toronto-based artificial intelligence startup founded in 2022, focusing on AI-driven Electronic Design Automation (EDA) for analog microchip layout design. *Founded* 2022 Toronto, Canada **$20M** last round Sept 2026
- 29 [**Looki** Looki is an AI wearable technology company based in Shenzhen, China, founded in 2024.](https://millionrounds.com/company/looki) Looki is an AI wearable technology company based in Shenzhen, China, founded in 2024. *Founded* 2024 Toronto, Canada **$20M** last round Jan 2026
- 30 [**RouteThis** RouteThis is a Canadian SaaS company based in Kitchener, Ontario, that specializes in network connectivity support for Internet Service Providers (ISPs) and Sma](https://millionrounds.com/company/routethis) RouteThis is a Canadian SaaS company based in Kitchener, Ontario, that specializes in network connectivity support for Internet Service Providers (ISPs) and Sma *Founded* 2013 Kitchener, Canada **$20M** last round Feb 2022
- 31 [**Promise Robotics** Promise Robotics is a Canadian startup based in Toronto, specializing in artificial intelligence and advanced manufacturing for the homebuilding industry.](https://millionrounds.com/company/promise-robotics) Promise Robotics is a Canadian startup based in Toronto, specializing in artificial intelligence and advanced manufacturing for the homebuilding industry. *Founded* 2021 Toronto, Canada **$17M** last round Jun 2025
- 32 [**FluidAI Medical** FluidAI Medical is a Medical Device startup developing a solution to detect gastrointestinal leaks after surgical procedures.](https://millionrounds.com/company/fluidai-medical) FluidAI Medical is a Medical Device startup developing a solution to detect gastrointestinal leaks after surgical procedures. *Founded* 2014 Kitchener, Canada **$16M** last round Feb 2025
- 33 [**Zuva** Zuva is a Toronto-based legal technology company founded in 2021, specializing in AI-powered solutions for contract and business document analysis.](https://millionrounds.com/company/zuva) Zuva is a Toronto-based legal technology company founded in 2021, specializing in AI-powered solutions for contract and business document analysis. *Founded* 2021 Toronto, Canada **$16M** last round Sept 2021
- 34 [**WOMBO** WOMBO is an AI-powered lip sync app that creates deepfake copies of images lip-syncing to a selection of songs.](https://millionrounds.com/company/wombo) WOMBO is an AI-powered lip sync app that creates deepfake copies of images lip-syncing to a selection of songs. *Founded* 2020 Toronto, Canada **$15M** last round Sept 2024
- 35 [**Snaplii** Snaplii is a North American fintech company founded in 2020 and headquartered in Mississauga, Ontario.](https://millionrounds.com/company/snaplii) Snaplii is a North American fintech company founded in 2020 and headquartered in Mississauga, Ontario. *Founded* 2020 Mississauga, Canada **$15M** last round Nov 2026
- 36 [**Peripheral Labs** Peripheral Labs brings spatial intelligence to live media.](https://millionrounds.com/company/peripheral-labs) Peripheral Labs brings spatial intelligence to live media. *Founded* - Toronto, Canada **$12M** last round Aug 2026
- 37 [**Lightworks** Engineering intelligent futures for the world's most regulated organizations.](https://millionrounds.com/company/lightworks) Engineering intelligent futures for the world's most regulated organizations. *Founded* 2024 Toronto, Canada **$12M** last round Feb 2026
- 38 [**Signal 1** Signal 1 is a Toronto-based health AI startup founded in April 2022.](https://millionrounds.com/company/signal-1) Signal 1 is a Toronto-based health AI startup founded in April 2022. *Founded* 2022 Toronto, Canada **$10M** last round Apr 2022
- 39 [**RSVP.ai** RSVP.ai is a private software and artificial intelligence company based in Waterloo, Ontario.](https://millionrounds.com/company/rsvp-ai) RSVP.ai is a private software and artificial intelligence company based in Waterloo, Ontario. *Founded* 2013 Waterloo, Canada **$10M** last round Jun 2019
- 40 [**Garnet Labs** Makers of listen.dev, a security monitoring tool for CI/CD pipelines.](https://millionrounds.com/company/garnet-labs) Makers of listen.dev, a security monitoring tool for CI/CD pipelines. *Founded* 2021 Toronto, Canada **$8.5M** last round Dec 2021
- 41 [**Scribenote** Scribenote is an AI-powered medical scribe and practice management platform designed specifically for veterinarians.](https://millionrounds.com/company/scribenote) Scribenote is an AI-powered medical scribe and practice management platform designed specifically for veterinarians. *Founded* 2021 Kitchener, Canada **$8.2M** last round Sept 2024
- 42 [**Bittensor** Bittensor is an open-source peer-to-peer framework that commoditizes a blockchain-based machine-learning network.](https://millionrounds.com/company/bittensor) Bittensor is an open-source peer-to-peer framework that commoditizes a blockchain-based machine-learning network. *Founded* - Toronto, Canada **$8.0M** last round Aug 2025
- 43 [**Private AI** Private AI develops privacy-preserving machine learning and natural language processing tools making privacy and GDPR compliance reliable.](https://millionrounds.com/company/private-ai) Private AI develops privacy-preserving machine learning and natural language processing tools making privacy and GDPR compliance reliable. *Founded* - Toronto, Canada **$8.0M** last round Nov 2022
- 44 [**ProNavigator** ProNavigator is an AI-powered knowledge management platform designed specifically for the insurance industry.](https://millionrounds.com/company/pronavigator) ProNavigator is an AI-powered knowledge management platform designed specifically for the insurance industry. *Founded* 2016 Kitchener, Canada **$7.6M** last round Sept 2022
- 45 [**General Magic** General Magic helps legacy software companies become AI native without changing a single line of code.](https://millionrounds.com/company/general-magic) General Magic helps legacy software companies become AI native without changing a single line of code. *Founded* - Toronto, Canada **$7.2M** last round Feb 2026
- 46 [**Shakudo** Shakudo is a Toronto-based technology company founded in 2021, specializing in a comprehensive Data & AI Operating System.](https://millionrounds.com/company/shakudo) Shakudo is a Toronto-based technology company founded in 2021, specializing in a comprehensive Data & AI Operating System. *Founded* 2021 Toronto, Canada **$7.0M** last round Feb 2026
- 47 [**Intrepid Labs** Intrepid Labs is a pharmaceutical technology company dedicated to accelerating drug development by integrating artificial intelligence, robotics, and deep pharm](https://millionrounds.com/company/intrepid-labs) Intrepid Labs is a pharmaceutical technology company dedicated to accelerating drug development by integrating artificial intelligence, robotics, and deep pharm *Founded* - Toronto, Canada **$7.0M** last round May 2025
- 48 [**Adeptmind** Adeptmind is a technology solution that enhances the online shopping experience for retailers.](https://millionrounds.com/company/adeptmind) Adeptmind is a technology solution that enhances the online shopping experience for retailers. *Founded* 2016 Toronto, Canada **$6.2M** last round Jun 2021
- 49 [**AI Arena** AI Arena provides native gaming and train their NFT using artificial intelligence.](https://millionrounds.com/company/ai-arena) AI Arena provides native gaming and train their NFT using artificial intelligence. *Founded* 2021 Toronto, Canada **$6.0M** last round Jan 2024
- 50 [**Icontek** Icontek is a Toronto-based software development company founded in 2014.](https://millionrounds.com/company/icontek) Icontek is a Toronto-based software development company founded in 2014. *Founded* 2014 Toronto, Canada **$6.0M** last round Aug 2018

**Total funding** how the list is ranked

**15 November 2026** updated nightly

**Rounds we track** source: Millionrounds

Companies whose funding rounds we classed as any of these sectors, ranked by the total they have raised in rounds we hold. Nobody pays to be on a list.

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