The Business Development Bank of Canada (BDC) has joined the North Atlantic Treaty Organization’s (NATO) Defence Innovation Accelerator for the North Atlantic (DIANA) investor network, marking the first time a Canadian investor has become part of this alliance-wide group. This move aims to enhance the Crown corporation’s support for Canadian small-to-medium-sized enterprises (SMEs) engaged in defence technology by providing greater insight into NATO’s defensive priorities and investment opportunities across member countries.
DIANA, established in 2021 at a NATO summit in Brussels, is designed to promote collaboration, technological innovation, and interoperability among allied nations and their armed forces. Its affiliated capital network, launched earlier in 2026, serves as a platform to connect entrepreneurs with potential investors within NATO countries, facilitating accelerated development and deployment of defence technologies.
BDC’s connection to DIANA was facilitated through COVE, a DIANA-certified accelerator based in Halifax, which also hosts DIANA’s North American regional office. Halifax and other Canadian sites represent a significant portion of NATO’s innovation infrastructure, with nearly 20 affiliated facilities across the country, including multiple accelerator sites and test centres.
Peter Dawe, senior vice-president of defence strategy at BDC, emphasized the strategic importance of expanding into diverse markets beyond Canada’s relatively small domestic market. “We have the talent. We have the know-how amongst our entrepreneurs in Canada, and at BDC, we’re very keen to play our role in terms of supporting them as they strive to meet the moment,” he said. He also highlighted the opportunity to engage regularly with other investors in the network to exchange insights about their respective countries’ innovation landscapes and investment opportunities.
Canada has been a leading contributor to DIANA’s accelerator program, submitting the highest number of applications among NATO members this year. Of the 150 companies selected for DIANA’s 2026 cohort, 22 were Canadian firms. The program seeks to rapidly advance technologies addressing operational challenges faced by allied forces.
Membership in DIANA’s investor network requires investors to be based in NATO countries, allowing them privileged access to participating companies, defence ministry briefings, and alliance-wide events that inform investment decisions.
BDC’s participation in DIANA complements its recent efforts to grow Canada’s defence industry and bolster sovereign supply chains. Earlier this year, BDC expanded its defence investment platform to $6 billion from $4 billion, offering financing, venture capital, and advisory services aligned with the federal Defence Industrial Strategy. Of this, $500 million is dedicated to venture capital, growth equity, and private equity investments in defence and dual-use technologies — those with both military and commercial applications. Additionally, BDC is increasing its own StrongNorth venture capital fund by $200 million, bringing its total to $500 million, to support early-stage companies with defence-related innovations.
In total, BDC reports approximately $900 million in exposure to companies operating in defence and dual-use sectors, reinforcing its commitment to nurturing Canadian innovation within the broader NATO ecosystem.