Canadian regulatory AI company secures more than $13 million in new financing, bringing total capital raised to more than $18 million, to accelerate critical energy, power, utility and mining infrastructure development.
CALGARY, Alberta — Ultimarii, a Canadian artificial intelligence company building technology to accelerate regulatory and permitting work for major infrastructure, today announced more than $13 million in Series A financing and related funding to expand its regulatory intelligence platform across Canada and the United States.
The financing includes equity investment led by Business Development Bank’s (BDC) Industrial Innovation Venture Fund, with participation from Mistral Venture Partners, alongside continued support from existing investors including Staircase Ventures, Alpaca VC and more than 30 angel investors, many with deep experience in Canada’s energy and infrastructure sectors. The financing also includes debt financing and non-dilutive funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP).
The financing comes at a consequential moment for North American infrastructure.
Electrification, rapidly growing electricity demand from data centres and artificial intelligence, aging electricity grids, renewed focus on energy security, and demand for critical minerals are creating pressure to build new power generation, transmission, energy and mining infrastructure. At the same time, major projects are navigating increasingly complex regulatory, permitting and consultation processes involving enormous volumes of technical and regulatory information.
Ultimarii has been built around the premise, North America cannot build infrastructure at the speed and scale required without modernizing the systems used to approve it.
“Canada has a generational opportunity to make historic investments in the infrastructure that will define our economy for decades to come. From power generation and transmission to energy and critical minerals, the projects we advance today will shape Canada’s competitiveness, energy security and prosperity. Ultimarii was founded on the belief that AI can help us move these projects forward with greater speed and confidence.”
— Doug Schweitzer, Co-Founder, Ultimarii. Prior to co-founding Ultimarii, Doug served as Alberta’s Minister of Justice and Solicitor General and later as Minister of Jobs, Economy and Innovation.
From AI Experimentation to Enterprise Deployments
Founded in Calgary, Ultimarii develops AI specifically for complex regulatory and permitting environments. Its customers span national and provincial governments, utilities, power producers, oil and gas companies, mining companies and leading Canadian law firms.
Unlike general-purpose AI systems, Ultimarii combines artificial intelligence with curated regulatory datasets, purpose-built workflows and embedded professional subject-matter expertise. A key part of Ultimarii’s success is the human intelligence from experts who have a total of 500+ years of experience in sophisticated regulatory environments. Ultimarii has over 25 industry leading professionals advising the development of the platform including Gitane De Silva, previous CEO of the Canada Energy Regulator, Anne Michaud, previous Vice Chair of the AUC and David Morton, previous CEO of BC Utilities Commission.
The company’s regulatory data infrastructure now includes over 2 million curated documents across over 50 Canadian and U.S. regulatory bodies, including historical applications, decisions, hearings, rules, directives, tariffs and other regulatory records. Ultimarii’s platform includes hundreds of configurable AI Playbooks designed around recurring regulatory workflows such as permitting roadmaps, project risk analysis, information request responses, regulatory research, application review and hearing preparation.
This approach reflects Ultimarii’s belief about where AI will be most powerful within enterprises: the greatest value will come from combining powerful models with industry specific data, integration into core workflows, embedded industry expertise, and in some cases, expert human judgement.
Building the Regulatory Intelligence layer for Major Energy Infrastructure
With a record US$3.4 trillion expected to be invested in energy infrastructure globally in 2026 alone, Ultimarii’s customers are navigating an unprecedented infrastructure buildout where regulatory and permitting timelines can materially affect billions of dollars of capital getting deployed.
Rather than attempting to replace professional judgment, Ultimarii is designed to automate and accelerate the document-intensive work surrounding it: finding precedents, analyzing previous proceedings, comparing regulatory requirements, reviewing large project records, developing permitting roadmaps, preparing regulatory submissions and supporting hearing preparation.
“We invest in technologies that have the potential to transform Canada’s core industries, and one of the most significant constraints facing those industries today is the speed at which we can develop the infrastructure they depend on. Ultimarii is tackling that challenge at the regulatory and permitting layer. As Ultimarii helps move critical energy and infrastructure projects forward faster, the impact can help unlock growth across our broader industrial portfolio and the Canadian economy.”
— Erin Sheets, Partner, Business Development Bank’s (BDC) Industrial Innovation Venture Fund
BDC’s $200M Industrial Innovation Venture Fund II invests in Canadian companies developing technologies capable of transforming established industrial sectors. The fund focuses on areas of Canadian economic advantage, including extractive industries and critical minerals.
“The winners in AI won’t simply have access to the best models, they’ll understand how to give those models the right context to perform highly specialized work. Ultimarii is doing exactly that by combining cutting-edge context engineering with proprietary regulatory data. That combination creates the kind of technical leverage and defensibility we look for at Mistral, while applying AI to a problem with enormous economic significance.”
— Raif Barbaros, Partner, Mistral Venture Partners
A Canadian Company with Global Ambitions
Ultimarii will use the new capital to substantially expand its regulatory data infrastructure, with a particular focus on building deeper global data sets (ie. FERC, Texas Railroad Commission, EPA and more).
The company will also continue investing in trusted enterprise privacy, security and governance infrastructure which has given Ultimarii advantage in working with national & provincial governments, critical utilities and national law firms.
Ultimarii currently maintains SOC 2 Type II, ISO 27001 and ISO 42001 certifications. The platform is also utilized to support Government of Canada work involving classified Protected B information, reinforcing Ultimarii’s position as a trusted AI platform for sensitive government and highly regulated industry environments.
“We led Ultimarii’s seed round based on two fundamental beliefs: That vertical-specific AI solutions will win in highly regulated, sophisticated industries that require specialized expertise and that Josh and Doug were the team that could build a massive company in this space given their experience, ambition, and track record. Over the past year, Ultimarii exceeded our expectations. They have attracted exceptional enterprise customers, generated significant benefits within those organizations, and expanded their customer contract size. Their technology is a core part of how complex regulatory work is done today and the team continues to execute at an impressive pace.”
— Janet Bannister, Founder and Managing Partner, Staircase Ventures
Bringing industry together around the infrastructure challenge
Ultimarii works with industry partners and associations including the Canadian Gas Association and is sponsoring CGA Energy Week in Toronto October 26 to 29, bringing together leaders from across Canada’s energy sector to discuss the infrastructure, regulatory and technology challenges facing the industry.
“Canada’s ability to compete will depend not only on how much we invest in energy infrastructure, but on how effectively we can move critical projects from concept to construction. As our energy system becomes more complex, modernizing regulatory processes must be part of that investment. New technologies, including AI, have an important role to play in helping governments and industry work through that complexity while supporting rigorous, informed and timely regulatory decision-making.”
— Susanna Zagar, President and CEO, Canadian Gas Association
For Ultimarii, this capital injection represents an acceleration of a larger ambition.
As North America confronts the need to build an extraordinary amount of new infrastructure, Ultimarii believes regulatory intelligence will become part of the critical infrastructure required to make that investment possible.
“Every generation has moments when it must build what comes next. We are in one of those moments today. The demand for energy and critical infrastructure is accelerating, but the complexity of how we approve and develop these projects remains a significant constraint. 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. This is a problem that needs to be solved, and we are the team solving it.”
— Josh Malate, Co-Founder, Ultimarii
About Ultimarii
Ultimarii is a Canadian regulatory AI company helping organizations navigate complex regulatory, permitting and major-project environments. The company’s platform combines artificial intelligence, curated regulatory datasets and professional subject-matter expertise to help governments, energy companies, utilities, mining companies, law firms and infrastructure developers research, analyze and execute regulatory work with greater speed, accuracy and defensibility.
Media Contact
Josh Malate
Co-Founder
josh.malate@ultimarii.com
(403) 471-0114
