Ultimarii Raises CAD 13M Series A Led by BDC Industrial Innovation Venture Fund

Ultimarii Closes CAD 13M Series A

Calgary-based regulatory AI company Ultimarii has raised a CAD 13 million Series A round, according to funding data tracked by VeilStrat. The round was led by BDC Industrial Innovation Venture Fund, with participation from Mistral Venture Partners, Alpaca VC and Staircase Ventures.

The funding date is recorded as September 10, 2026.

What Ultimarii Does

Ultimarii operates a regulatory AI platform designed to help organizations navigate complex regulatory, permitting and consultation processes for major infrastructure, energy and mining projects.

The platform combines several components:

• AI with curated regulatory datasets — more than two million documents drawn from over 50 Canadian and US regulatory bodies.
• Configurable AI playbooks — structured workflows that can be adapted to specific regulatory contexts.
• Embedded subject-matter expertise — human regulatory knowledge integrated alongside the AI tooling.

The company serves governments, utilities, power producers, oil and gas and mining companies, and law firms across Canada and the United States.

Leadership

Ultimarii was co-founded by Doug Schweitzer, Alberta's former Minister of Justice and Solicitor General, and Josh Malate. Schweitzer's background in provincial government and legal affairs is directly relevant to a company whose core market is regulatory navigation for large-scale infrastructure and resource projects.

Why the Round Matters

The Series A is a meaningful step for a Canadian regulatory technology company. The sector Ultimarii addresses — permitting, consultation and regulatory compliance for major projects — is traditionally document-heavy, jurisdiction-specific and slow-moving. Ultimarii's approach of pairing a large curated corpus of regulatory documents with configurable AI playbooks targets exactly that friction.

The investor syndicate spans a federal innovation fund in BDC Industrial Innovation Venture Fund and a group of venture firms in Mistral Venture Partners, Alpaca VC and Staircase Ventures. BDC Industrial Innovation Venture Fund's position as lead investor places the round within the Canadian institutional innovation funding ecosystem.

Acquisition Angle

For acquirers, Ultimarii sits at the intersection of several strategic categories:

• Regulatory and legal technology — a domain where proprietary, curated datasets are difficult to replicate and where accuracy requirements are high.
• Energy, mining and infrastructure workflows — sectors with long project timelines, heavy permitting burdens and significant compliance exposure.
• Government-adjacent software — a customer base that includes governments, utilities and law firms, with cross-border reach across Canada and the United States.

The combination of a two-million-document regulatory corpus, configurable playbooks and embedded subject-matter expertise represents a defensible data and workflow asset. Buyers in legal tech, energy software or government technology would likely view the curated dataset and the cross-border regulatory coverage as the core strategic value.

Summary

• Company: Ultimarii
• Headquarters: Calgary, Canada
• Round: Series A
• Amount: CAD 13,000,000
• Funding date: September 10, 2026
• Lead investor: BDC Industrial Innovation Venture Fund
• Participating investors: Mistral Venture Partners, Alpaca VC, Staircase Ventures
• Focus: Regulatory AI for infrastructure, energy and mining permitting and consultation

Ultimarii's Series A gives it capital to expand a platform already positioned across two national markets and multiple regulated industries. For acquirers tracking regulatory AI and energy-adjacent software, the company is now a funded asset with an institutional lead investor and a differentiated data foundation.