Blab Business
Ultimarii Secures Over $13 Million CAD in Series A to Expand Regulatory AI Platform Across Canada and U.S.
In a move that signals the growing importance of artificial intelligence in infrastructure development, Calgary‑based Ultimarii announced on Thursday that it has closed a Series A round raising more than $13 million CAD in a mix of equity, debt and non‑dilutive funding.
The round was led by the Business Development Bank of Canada’s Industrial Innovation Venture Fund and attracted a coalition of investors that includes Mistral Venture Partners, Staircase Ventures, Alpaca VC, and over 30 angel investors. Debt financing came from RBC, while the National Research Council of Canada’s Industrial Research Assistance Program (NRC IRAP) contributed non‑dilutive capital.
Ultimarii said the capital will be deployed to expand its regulatory intelligence platform across Canada and the United States. The company plans to deepen data sets around U.S. regulatory bodies such as the Environmental Protection Agency, the Federal Energy Regulatory Commission and the Texas Railroad Commission.
The platform leverages machine‑learning models to parse and organize regulatory information, helping users in government, oil and gas, mining, energy production and utilities navigate permitting processes more efficiently. With more than 18 million CAD raised to date, Ultimarii already serves a roster of national and provincial governments.
The funding comes as Canada pushes forward with a slate of infrastructure projects that demand complex regulatory approvals. CEO Jonathan Boudreau said the Series A “accelerates our larger ambition to help North America build infrastructure at the speed and scale required.” The investment is intended to scale the platform’s capabilities and broaden its geographic footprint.
The BDC Industrial Innovation Venture Fund, a Crown corporation, provides capital and strategic support to Canadian entrepreneurs working on transformative technologies. Its participation signals confidence in Ultimarii’s solution and its potential to address a growing need for regulatory efficiency.
NRC IRAP’s non‑dilutive contribution is part of a broader Canadian government effort to support small and medium‑sized enterprises in bringing innovative products to market. The program has a track record of offering advisory services and funding to help firms boost their innovation capacity.
Ultimarii’s Series A round is the latest step in a series of funding efforts that have positioned the company as a key player in the regulatory technology space. Its platform has already been adopted by several major energy and utility firms, and its AI‑driven insights aim to cut the time and cost associated with regulatory compliance.
The company’s expansion into the United States will focus on building data sets for U.S. agencies that are critical to infrastructure projects. By providing detailed, AI‑generated guidance on EPA, FERC and Texas Railroad Commission regulations, Ultimarii intends to help clients navigate the complex permitting landscape that often delays project timelines.
While the announcement did not disclose a valuation, the mix of equity, debt and non‑dilutive funding suggests a strong investor appetite for AI solutions that address regulatory bottlenecks.
Boudreau said the new capital will be used to hire additional data scientists, expand its customer support team and invest in research and development to enhance the platform’s predictive capabilities.
Customers include national and provincial governments, oil and gas operators, mining companies, energy producers and major utility operators. The Series A round will allow Ultimarii to deepen its relationships with these clients and broaden its service offering.
The funding round also reflects a broader trend of venture capital interest in AI‑based regulatory technology. Investors are increasingly looking for solutions that can reduce the administrative burden of compliance and accelerate project delivery.
Ultimarii’s platform is positioned to play a role in Canada’s efforts to shore up sovereignty and energy security by speeding up the approval of critical infrastructure projects.
The company announced the round on September 10, 2026, and plans to deploy the funding over the next 12 months. Ultimarii has not yet indicated a timeline for additional funding rounds.
Investors and regulators will keep a close eye on the company’s expansion as the U.S. and Canadian governments continue to push for faster infrastructure approvals.
The announcement is part of a series of developments that underscore the growing importance of AI in the regulatory and permitting space.
The round was led by the Business Development Bank of Canada’s Industrial Innovation Venture Fund and attracted a coalition of investors that includes Mistral Venture Partners, Staircase Ventures, Alpaca VC, and over 30 angel investors. Debt financing came from RBC, while the National Research Council of Canada’s Industrial Research Assistance Program (NRC IRAP) contributed non‑dilutive capital.
Ultimarii said the capital will be deployed to expand its regulatory intelligence platform across Canada and the United States. The company plans to deepen data sets around U.S. regulatory bodies such as the Environmental Protection Agency, the Federal Energy Regulatory Commission and the Texas Railroad Commission.
The platform leverages machine‑learning models to parse and organize regulatory information, helping users in government, oil and gas, mining, energy production and utilities navigate permitting processes more efficiently. With more than 18 million CAD raised to date, Ultimarii already serves a roster of national and provincial governments.
The funding comes as Canada pushes forward with a slate of infrastructure projects that demand complex regulatory approvals. CEO Jonathan Boudreau said the Series A “accelerates our larger ambition to help North America build infrastructure at the speed and scale required.” The investment is intended to scale the platform’s capabilities and broaden its geographic footprint.
The BDC Industrial Innovation Venture Fund, a Crown corporation, provides capital and strategic support to Canadian entrepreneurs working on transformative technologies. Its participation signals confidence in Ultimarii’s solution and its potential to address a growing need for regulatory efficiency.
NRC IRAP’s non‑dilutive contribution is part of a broader Canadian government effort to support small and medium‑sized enterprises in bringing innovative products to market. The program has a track record of offering advisory services and funding to help firms boost their innovation capacity.
Ultimarii’s Series A round is the latest step in a series of funding efforts that have positioned the company as a key player in the regulatory technology space. Its platform has already been adopted by several major energy and utility firms, and its AI‑driven insights aim to cut the time and cost associated with regulatory compliance.
The company’s expansion into the United States will focus on building data sets for U.S. agencies that are critical to infrastructure projects. By providing detailed, AI‑generated guidance on EPA, FERC and Texas Railroad Commission regulations, Ultimarii intends to help clients navigate the complex permitting landscape that often delays project timelines.
While the announcement did not disclose a valuation, the mix of equity, debt and non‑dilutive funding suggests a strong investor appetite for AI solutions that address regulatory bottlenecks.
Boudreau said the new capital will be used to hire additional data scientists, expand its customer support team and invest in research and development to enhance the platform’s predictive capabilities.
Customers include national and provincial governments, oil and gas operators, mining companies, energy producers and major utility operators. The Series A round will allow Ultimarii to deepen its relationships with these clients and broaden its service offering.
The funding round also reflects a broader trend of venture capital interest in AI‑based regulatory technology. Investors are increasingly looking for solutions that can reduce the administrative burden of compliance and accelerate project delivery.
Ultimarii’s platform is positioned to play a role in Canada’s efforts to shore up sovereignty and energy security by speeding up the approval of critical infrastructure projects.
The company announced the round on September 10, 2026, and plans to deploy the funding over the next 12 months. Ultimarii has not yet indicated a timeline for additional funding rounds.
Investors and regulators will keep a close eye on the company’s expansion as the U.S. and Canadian governments continue to push for faster infrastructure approvals.
The announcement is part of a series of developments that underscore the growing importance of AI in the regulatory and permitting space.
