Calgary-based regulatory AI company Ultimarii has raised more than $13 million in Series A financing and related funding to expand its platform across Canada and the United States.
The latest capital brings Ultimarii’s total funding to more than $18 million as demand grows for new power generation, transmission, energy and mining infrastructure across North America.
The financing includes an equity investment led by BDC’s Industrial Innovation Venture Fund, with participation from Mistral Venture Partners. Existing investors Staircase Ventures and Alpaca VC also returned, alongside more than 30 angel investors with experience in energy and infrastructure.
Debt financing and non-dilutive support from the National Research Council of Canada Industrial Research Assistance Program were also included.
Ultimarii develops AI tools designed specifically for complex regulatory and permitting environments. Its platform combines curated regulatory data, configurable workflows and professional expertise to help governments, utilities, energy producers, mining companies and law firms move major projects forward.
“Canada has a generational opportunity to make historic investments in the infrastructure that will define our economy for decades to come,” said co-founder Doug Schweitzer, Alberta’s former Minister of Justice and Minister of Jobs, Economy and Innovation.
“Ultimarii was founded on the belief that AI can help us move these projects forward with greater speed and confidence.”
The company’s data infrastructure now contains more than two million curated documents from over 50 regulatory bodies in Canada and the United States. Those records include previous applications, decisions, hearings, tariffs, rules and directives.
Its platform offers hundreds of configurable AI playbooks for recurring work such as preparing permitting roadmaps, identifying project risks, researching precedents, reviewing applications, responding to information requests and preparing for hearings.
The company is also advised by more than 25 industry professionals whose combined experience in regulatory environments exceeds 500 years. Advisors include former Canada Energy Regulator CEO Gitane De Silva, former Alberta Utilities Commission vice-chair Anne Michaud and former BC Utilities Commission CEO David Morton.
The raise marks a significant step forward from Ultimarii’s previous $5.2-million financing, covered by Calgary.tech in September 2025. At the time, the company reported serving 20 enterprise customers and positioned its technology as a way to help Canada build major projects faster without weakening regulatory standards.
That momentum also earned Ultimarii a place among Calgary.tech’s 10 Homegrown Calgary Startups to Watch in 2026.
Ultimarii will use its new capital to deepen its regulatory datasets, particularly in the U.S., where it plans to add information from organizations including the Federal Energy Regulatory Commission, Environmental Protection Agency and Railroad Commission of Texas.
The company will also continue investing in enterprise privacy, security and governance. Ultimarii maintains SOC 2 Type II, ISO 27001 and ISO 42001 certifications, and its platform is used to support Government of Canada work involving Protected B information.
“The demand for energy and critical infrastructure is accelerating, but the complexity of how we approve and develop these projects remains a significant constraint,” said co-founder Josh Malate.
“At Ultimarii, our ambition is leveraging technology to help remove that constraint. This allows the projects society needs to move forward faster and with greater confidence, without compromising the rigour and responsibility these decisions demand.”
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