Start by pre-heating the Instant Pot. You can do this by turning the Instant Pot to sauté mode and allowing it to heat up for 2-3 minutes before adding the butter.
When the butter has melted, add the garlic and arborio rice and sauté for 2-3 minutes until the garlic is fragrant and the rice is lightly toasted.
Add the vegetable broth, salt and pepper to the instant pot and stir well.
Place the lid on the instant pot, turn the venting knob to "sealing." Cook the risotto on high pressure for 6 minutes. When the timer is up, quickly release the pressure and carefully remove the lid.
Add the heavy cream and parmesan cheese and stir well.
Top with more parmesan, fresh basil and red pepper flakes if desired before serving.