Inovia Capital Launches $200M Fund VI to Back Early-Stage AI
Inovia Capital closed a $200M sixth fund to back early-stage AI, cybersecurity, health tech, and computing infrastructure startups in North America and Europe.
The big picture: Inovia Capital has secured $200 million in a first close for Inovia Capital Fund VI, its sixth venture capital fund. The Montreal-based firm plans to deploy the capital over three years, backing between 25 and 30 startups across North America and Europe.
What it will back:
- Stage Focus: The fund will target early-stage and pre-revenue companies, writing checks ranging from $1 million to $10 million.
- Sector Focus: Investments will concentrate on sectors where AI is early in adoption but mature enough for economic impact, including cybersecurity, health technology, and computing infrastructure.
- Geography: Inovia Capital Fund VI will back startups across North America and Europe.
Who is behind it:
Partner Magaly Charbonneau noted the fund’s structure in U.S. dollars to attract global teams. Inovia’s fifth venture fund closed at $325 million in 2022. Anchor limited partners for Fund VI include La Caisse, the Business Development Bank of Canada, Investissement Québec, Teralys, the Fonds de solidarité FTQ, CIBC, and Fondaction.
The catch: Fund VI is smaller than its predecessor, arriving as Canadian capital increasingly flows into AI, with larger funds like Radical Ventures securing over $1 billion for later-stage AI companies. Inovia’s strategy is to carve out a distinct role by focusing on younger, early-stage companies rather than competing for growth-stage capital, positioning itself in a competitive but differentiated segment of the AI investment landscape.
Key Facts
- Firm: Inovia Capital
- Fund: Inovia Capital Fund VI (Fund VI)
- Raised so far: $200M
- Status: First close
- Stage: early-stage
- Focus: AI, cybersecurity, health technology, computing infrastructure
- Geography: North America and Europe
- Cheque size: $1M to $10M
- Anchor LPs: La Caisse, Business Development Bank of Canada, Investissement Québec, Teralys, Fonds de solidarité FTQ, CIBC, Fondaction
- Partner: Magaly Charbonneau
- Previous fund: $325M for Fund V
- Announced: 2026-10-20