Pour milk into a 6-quart or larger saucepan and heat over medium-high heat to 185°F (85°C), checking with an instant-read thermometer.
Remove from heat and cool in an ice bath to 110°F (43°C).
Whisk about 1/2 cup warm milk into the yogurt starter to temper it, then stir the starter mixture back into the milk.
Pour into the Instant Pot insert and cover. The lid does not need to seal because this recipe does not pressure cook.
Select Yogurt and set for 12 hours.
When finished, remove the insert, cover and refrigerate for at least 4 hours or overnight before serving. Save 1/2 cup as starter for the next batch.