About AI Infrastructure sector in Toronto, Canada
Top AI Infrastructure Companies in Toronto, Canada
Here is the list of top AI Infrastructure startups in Toronto, Canada
1. Cohere
Key facts about Cohere
- Founded Year: 2019
- Location: Toronto (Canada)
- Stage: Series D
- Total Funding till date: $1.54B
- Investors: Inovia Capital, Sapphire Ventures and 30 Others
- Latest Funding Round: Series D, Sep 24, 2025, $*****
- Tracxn Score: 74/100 What is this?
- Competitors Rank: 3 of 1,020 Competitors
2. Tenstorrent
Key facts about Tenstorrent
- Founded Year: 2016
- Location: Toronto (Canada)
- Stage: Series D
- Total Funding till date: $1.18B
- Investors: Fidelity Investments, Real Ventures and 23 Others
- Latest Funding Round: Series D, Dec 02, 2024, $*****
- Tracxn Score: 64/100 What is this?
- Competitors Rank: 9 of 226 Competitors

3. Armilla AI
Key facts about Armilla AI
- Founded Year: 2020
- Location: Toronto (Canada)
- Stage: Seed
- Total Funding till date: $6.37M
- Investors: Spearhead, Y Combinator and 14 Others
- Latest Funding Round: Seed, Jun 06, 2025, $*****
- Tracxn Score: 55/100 What is this?
- Competitors Rank: 7 of 39 Competitors
4. Untether AI
Key facts about Untether AI
- Founded Year: 2018
- Location: Toronto (Canada)
- Stage: Acqui-Hired
- Total Funding till date: $152M
- Investors: Intel Capital, Radical Ventures and 2 Others
- Latest Funding Round: Series B, Jul 20, 2021, $*****
- Tracxn Score: 55/100 What is this?
- Competitors Rank: 18 of 88 Competitors

5. Bittensor
Key facts about Bittensor
- Founded Year: 2019
- Location: Toronto (Canada)
- Stage: Funding Raised
- Investors: Skycatcher and The Hypera
- Tracxn Score: 48/100 What is this?
- Competitors Rank: 13 of 173 Competitors
Companies founded year-on-year in the AI Infrastructure sector in Toronto
8 AI Infrastructure startups in Toronto were founded in 2024 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2026 | - |
2025 | 5 |
2024 | 8 |
2023 | 4 |
2022 | 2 |
2021 | 3 |
2020 | 4 |
2019 | 7 |
2018 | 3 |
2017 | 1 |
Stage-wise distribution of AI Infrastructure sector companies in Toronto
Out of the total 51 AI Infrastructure companies in Toronto, 19 have secured funding. Among them, 10 have reached Series A or higher, and 5 to Series B or beyond.
Company Stage | No. of companies |
|---|---|
Founded | 51 |
Funded | 19 |
Series A+ | 10 |
Series B+ | 5 |
Series C+ | 5 |
Funding Trends in the AI Infrastructure sector in Toronto
Total funding year-on-year in the AI Infrastructure sector in Toronto
The AI Infrastructure sector in Toronto saw a total funding of more than $2.97B in the last 10 years. The most amount of funding was in 2024 at more than $1.21B. There has been a total funding of $20M in 2026 till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $20M |
2025 | $601M |
2024 | $1.21B |
2023 | $370M |
2022 | $134M |
2021 | $533M |
2020 | $7M |
2019 | $40.5M |
2018 | $36.5M |
2017 | $18.6M |
Recent Funding Rounds in AI Infrastructure in Toronto
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series A | 8705 | Jan 05, 2026 | ||
Series D | 6621 | Sep 24, 2025 | ||
Series D | 5878 | Aug 14, 2025 | ||
Seed | 6981 | Jun 06, 2025 | - | |
Series D | 9786 | Dec 02, 2024 |
Top Investors in AI Infrastructure in Toronto
Investor | Location | Top Portfolio Companies |
|---|---|---|
Sunnyvale (United States) | ||
Toronto (Canada) | Cohere and Untether AI | |
Montreal (Canada) | ||
San Francisco (United States) | ||
Toronto (Canada) | - |
M&A activity in AI Infrastructure sector in Toronto
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Acqui-Hired | Jun 05, 2025 | ||
Business Acquisition | Jan 19, 2023 | ||
Acqui-Hired | Feb 07, 2020 |
Acquisition trends in AI Infrastructure sector in Toronto
Here are the acquisition trends in AI Infrastructure sector in Toronto:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | - |
2025 | 1 |
2024 | - |
2023 | 1 |
2022 | - |
2021 | - |
2020 | 1 |
2019 | - |
2018 | - |
2017 | - |
Colleges which produce the most AI Infrastructure companies in Toronto
Companies founded by alumni from top colleges in the AI Infrastructure in Toronto
Most number of AI Infrastructure startups in Toronto have been founded by alumni from University of Toronto, University of Waterloo and York University.
College | No. of companies |
|---|---|
University of Toronto | 10 |
University of Waterloo | 3 |
York University | 3 |
Carnegie Mellon University | 2 |
McGill University | 2 |
Queen's University | 1 |
University of Chicago | 1 |
University of Oxford | 1 |
Total funding in AI Infrastructure companies founded by alumni from top colleges in Toronto
In the last 10 years, University of Toronto graduates' AI Infrastructure companies in Toronto have raised the most funding among top colleges. University of Oxford alumni are second, and York University alumni are third.
College | Total Funding |
|---|---|
University of Toronto | $2.91B |
University of Oxford | $1.54B |
York University | $39.6M |
Carnegie Mellon University | $31.3M |
University of Waterloo | $15.4M |
McGill University | $11.3M |
University of Chicago | $11.3M |
Queen's University | - |