Capital Panel:

Building a Sovereign Capital Stack: Unlocking Robotics as a Core Canadian Asset Class

Constructing a resilient, end-to-end Canadian capital architecture—blending venture equity, non-dilutive backing, growth debt, and institutional scale to commercialize physical AI and robotics.

Featured Panelists

Co-Founder and General Partner

Managing Partner, Industrial Innovation Venture Fund

Cofounder and General Partner

Moderator

VP Robotics

Panel Overview

As robotics, physical AI, and autonomous systems become essential drivers of national productivity, resilience and sovereignty, scaling hardware-based companies into durable, institutional-grade assets requires a fundamentally different financial playbook than scaling pure software ventures. Moving hardware beyond the prototype stage demands an orchestrated blend of venture equity, non-dilutive capital, growth debt, and institutional scale.

Bringing a full spectrum of financial levers together is critical to ensuring Canadian robotics firms—and the industrial sectors that deploy them—do not stall at the scale-up phase or face premature foreign acquisition. This panel brings together leaders from across the capital continuum—from early-stage venture capital and non-dilutive development backing to institutional asset management—to explore how to construct a resilient, end-to-end capital architecture for Canadian hardware innovators.

About the Panelists

Eva Lau

Eva doesn't just invest in deep tech. She commercializes it.

As an engineer and General Partner at Two Small Fish Ventures, her focus is singular: turning research-grounded innovation into massive commercial scale. She backs transformative technology that delivers a major step-function gain for how the world operates.

Before investing, Eva was a key founding team member at Wattpad, an AI-powered entertainment company. She helped scale the platform to tens of millions of users, driving a US$660M exit. That was not just a consumer win. It was a masterclass in productization, feedback loops, and reshaping large-scale behaviour. Today, she brings that exact go-to-market muscle to frontier tech. Brilliant science without ruthless productization is just an expensive science project. Eva has always built against the grain. Founding Two Small Fish Ventures as one of the very few women to start a VC fund in Canada required the exact same relentlessness she demands from her founders today. She doesn’t wait for consensus. She finds groundbreaking innovation at the source.

Along with an in-house team of veteran operators and deep-tech domain experts, Eva and the Two Small Fish team validates the hard science and system architecture from the ground up. They invest with deep conviction across five core areas: Vertical AI Platforms, Physical AI, AI Infrastructure, Advanced Computing Hardware, and Smart Energy. Eva is not here to be a "mentor." She is your commercial co-pilot. If you are building the next era of computing, you know the science. She knows the customer, the economics, and the execution required to scale it. Let's build what comes next.

Aditya Aggarwal

As Managing Partner with the Industrial Innovation Venture Fund, Aditya is focused on investing in and supporting companies that are disrupting industries such as advanced manufacturing, agriculture, and mining by applying technology in novel and innovative ways. Aditya supports fund investments in Kepler Communications, Minesense Ltd., Maxa AI, Skygauge Robotics, Acerta Analytics Inc., Smart Skin Technologies, Apera AI, Nexera Robotics and Burai. 

He brings to this role extensive experience building large scale industrial AI solutions in energy, electric vehicle, advanced manufacturing, and smart city verticals. Before joining the fund in 2020, Aditya spent several years at Siemens, as vice president of the company’s Industrial AI business. Aditya holds a master’s degree with a specialization in machine learning from Dalhousie University as well as a bachelor's degree in engineering from the BMS College of Engineering in Bangalore, India.
 

Mike McCauley

Mike McCauley is Co-founder and General Partner at Garage Capital, a Waterloo-based early-stage venture fund built by founders for founders. Garage is helping the next generation of entrepreneurs build category-defining businesses through experience-based advice, operational empathy, and early-stage capital. Since 2013, Garage has backed more than 250 companies, collectively valued at over $30B.

Previously, Mike co-founded BufferBox (Y Combinator S12), an automated package delivery locker network later acquired by Google. He then spent four years as a Product Manager at Google, including work on Google Fi and GoogleX. Mike graduated from the University of Waterloo in Mechatronics Engineering.

Ryan Gariepy

Ryan Gariepy is the chair & co-founder of the Canadian Robotics Council and the VP Robotics for Rockwell Automation. He was one of the founders of Clearpath Robotics in 2009 and OTTO Motors in 2015, and was instrumental in Rockwell Automation’s acquisition of the companies in 2023. Ryan is also a board member of Open Robotics and co-founder of ROSCon. Ryan is also a senior member of the IEEE, holds over 100 granted and pending patents in the field of autonomous systems, and is a leading angel investor in robotics companies worldwide. Among other recognition, he has received the CIPPRS Lifetime Achievement Award, the IEEE/IFR Innovation & Entrepreneurship in Robotics and Automation Award and is featured prominently in "A Startup Field Guide in the Age of Robots and AI." Ryan holds a B.A.Sc. in Mechatronics Engineering and a M.A.Sc. in Mechanical Engineering from the University of Waterloo.

Interested in our Panel Discussion?

Register for the symposium today to gain access to all mainstage panel discussions