Calgary-based regulatory technology company Ultimarii has raised more than $13 million in Series A financing led by the venture arm of a federal Crown corporation, and says a particular focus for the new capital will be building deeper datasets on American regulators.
The round was led by the Business Development Bank of Canada’s Industrial Innovation Venture Fund, with participation from Mistral Venture Partners and existing investors Staircase Ventures, Alpaca VC and more than 30 angel investors, the company said in a Sept. 10 release. The financing also includes debt and non-dilutive funding from the National Research Council of Canada’s Industrial Research Assistance Program. Total capital raised now exceeds $18 million.
Ultimarii sells artificial intelligence tools that compress the document work around permitting and regulatory approval for energy, power, utility and mining projects. Its platform draws on what the company describes as more than two million curated documents across more than 50 Canadian and U.S. regulatory bodies, including historical applications, decisions, hearing records, directives and tariffs.
Two of the round’s backers are federal. BDC is a Crown corporation wholly owned by the Government of Canada, and the release describes its $200-million Industrial Innovation Venture Fund II as investing in Canadian companies whose technology can transform established industrial sectors, with a focus on areas of Canadian economic advantage including extractive industries and critical minerals. IRAP is a National Research Council program.
Set against that mandate, the company’s stated plan for the money is worth reading closely. Ultimarii said it will use the capital to substantially expand its regulatory data infrastructure, “with a particular focus on building deeper global data sets,” and the three regulators it named as examples are all American: the Federal Energy Regulatory Commission, the Texas Railroad Commission and the Environmental Protection Agency. No Canadian regulator appears in that sentence. Expanding south is an ordinary growth path for a Canadian software company, and revenue earned abroad can flow back to the Canadian business. But the specific asset federal capital is being pointed at here is fluency in a foreign permitting system.
The company’s advisory bench is drawn substantially from the tribunals its customers appear before. Ultimarii says more than 25 industry professionals advise its platform development, naming Gitane De Silva, former chief executive of the Canada Energy Regulator; Anne Michaud, former vice-chair of the Alberta Utilities Commission; and David Morton, former chief executive of the British Columbia Utilities Commission. Its customers, by the company’s own account, span national and provincial governments, utilities, power producers, oil and gas companies, mining companies and law firms, and its website lists regulators themselves as a target industry alongside energy, mining and government. In other words, the same regulatory analysis tooling is marketed to applicants and to the bodies weighing their applications. Chief executive Doug Schweitzer served as Alberta’s minister of justice and solicitor general and later as minister of jobs, economy and innovation before co-founding the company in January 2024 with Josh Malate, a co-founder of Calgary legal technology firm Athennian.
The domestic demand the company is built around sits a short walk away. The federal Major Projects Office, created in August 2025 and headquartered in Calgary, is charged with moving projects designated of national interest under the Building Canada Act through federal review inside two years, a ceiling the government set out in its 2025 speech from the throne. Ottawa released a discussion paper in May 2026 on further legislative and regulatory reforms meant to shorten decision timelines.
Ultimarii says its platform holds SOC 2 Type II, ISO 27001 and ISO 42001 certifications and is used to support Government of Canada work involving Protected B information. It is sponsoring the Canadian Gas Association’s Energy Week in Toronto from Oct. 26 to 29.
The test for the federal share of this round is not whether Ultimarii grows. It may well do that on the strength of an American market many times the size of Canada’s. The test is whether the regulatory knowledge it accumulates makes Canadian projects move faster. On that question, the company’s own announcement is so far more specific about Texas than about Ottawa.
