Canadian startups raised US$2.1 billion across 134 deals in Q4 2024, with AI companies securing 40% of funds. Total venture investments reached US$7 billion for the year, a slight increase from 2023 but still far below 2021’s US$13.7 billion peak. AI and life sciences led the market, with AI firms raising US$824.2 million, boosted by Tenstorrent’s US$700-million round.
Cleantech, once resilient, saw declines, partly due to halted federal grants. Investors remain optimistic for 2025, citing government incentives and falling interest rates. However, challenges persist for pre-revenue startups navigating a cautious funding environment.
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