CreateViewModel.kt

fun <VM : ViewModel> createViewModel(
    viewModelClass: KClass<VM>,
    storeProducer: ViewModelStore,
    factory: ViewModelProvider.Factory,
): VM {
    return ViewModelProvider(storeProducer, factory).get(viewModelClass.java)
}

MyViewModelFactory.kt

class MyViewModelFactory: ViewModelProvider.Factory{

    override fun <T : ViewModel?> create(modelClass: Class<T>): T {
        return when(modelClass){
            HomeViewModel::class.java ->{
                HomeViewModel() as T
            }
            ProfileViewModel::class.java -> {
                 ProfileViewModel() as T
            }
            SettingsViewModel::class.java -> {
                SettingsViewModel() as T
            }
            else -> throw IllegalArgumentException("unknown model class $modelClass")
        }
    }
}

Usage.kt

@Composable
fun ProfileScreen(){
    val vmStore = AmbientViewModelStoreOwner.current.viewModelStore
    val viewModel: ProfileViewModel = remember {
        createViewModel(
            viewModelClass = ProfileViewModel::class,
            storeProducer = vmStore,
            factory = MyViewModelFactory()
        )
    } 
}