Montreal, January 21, 2026 — Mila, a premier Canadian artificial intelligence (AI) research institute, and Inovia Capital, Canada’s leading multi-stage software investor, today announce their partnership to launch the Venture Scientist Fund, an early-stage venture capital fund designed to transform frontier AI research and scientific expertise from Canada’s leading academic institutions into impactful and enduring AI-native companies.
While Canada represents roughly 10% of the world’s top AI research talent, it captures less than 2% of global AI venture capital investment. This gap presents a generational opportunity to build closer bridges between research and entrepreneurship, resulting in the next wave of AI-native businesses that will shape industries globally, while generating long-term value in Canada.
Combining the country’s concentration of AI scientists and frontier research with Inovia’s deep fund management expertise, the Venture Scientist Fund is designed to translate this opportunity into a structured, repeatable pathway from research to company creation.
Unlike traditional vehicles, the Venture Scientist Fund is integrated with the National AI Institutes’ (Amii, Mila, Vector) venture creation programs and research ecosystem, enabling engagement at the earliest stages of company formation, often before a startup formally exists.
The fund target size is USD $100M, with plans to invest in about 55+ AI-native companies emerging from Canada’s dense scientific landscape that includes a number of leading universities, such as the University of Alberta, University of British Columbia, McGill University, Université de Montréal, University of Toronto and the University of Waterloo.
It will focus on domains where scientific depth is a competitive advantage, including foundational AI, as well as deep tech, and next-generation computational and physical infrastructure.
“Mila is devoted to inspiring AI innovation for the benefit of society,” said Valérie Pisano, President and CEO of Mila. “The Venture Scientist Fund extends that mission by propelling impactful ideas to move beyond the lab and into the real economy. It is meant to serve as a catalyst for ventures emerging from Mila and across the country.”
The Venture Scientist Fund is expected to play a key role in strengthening Canada’s AI commercialization pipeline by helping retain top talent and anchor intellectual property domestically, while supporting the emergence of category-defining companies rooted in frontier research.
“Talent is the driving force behind any successful tech ecosystem,” said Chris Arsenault, Founder and CEO at Inovia Capital. “The Venture Scientist Fund presents a timely opportunity to turn one of Canada’s greatest strengths, its scientific talent, into a pipeline of consequential companies that fuel a vibrant local technology ecosystem.”
By bringing together Canada’s world-class research ecosystem and a leading technology investor, Mila and Inovia signal a clear commitment to building the next generation of frontier AI startups in Canada and reinforcing the country’s global leadership in AI.
About Mila – Quebec Artificial Intelligence Institute
Founded by Professor Yoshua Bengio, Mila – Quebec Artificial Intelligence Institute is the world’s largest academic AI research center specialized in deep learning, home to a community of over 1,500 members. Based in Montreal, Mila was created out of a unique partnership between Université de Montréal and McGill University, dedicated to advancing scientific breakthroughs that drive innovation and ensure AI benefits everyone. A non-profit organization, Mila is strongly supported by the Government of Canada through the Pan-Canadian AI Strategy and by the Government of Quebec. Internationally recognized for its influential research, global innovation partnerships, and leadership in multilateral efforts on responsible AI, Mila continues to shape the future of AI worldwide. For more information, visit mila.quebec.
About Inovia Capital
Inovia Capital is Canada’s leading multi-stage software investor, partnering with founders to build impactful and enduring global companies. With three investment strategies—Discovery, Venture, and Growth—the team leverages an operator-led mindset to provide founders with multi-stage support, mentorship, and access to a worldwide network. Inovia manages over USD $2.5B with operations in Montreal, Toronto, Waterloo, Calgary, Bay Area, London and Abu Dhabi. For more information, visit inovia.vc.
