Ultimarii Raises $13M CAD Series A for Permitting AI
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Ultimarii, a regulatory AI company headquartered in Calgary, Alberta, has closed a Series A round worth more than $13 million CAD. The company announced the financing on Thursday, September 10, 2026.
Equity in the round came from the Business Development Bank of Canada’s Industrial Innovation Venture Fund, Mistral Venture Partners, Staircase Ventures, Alpaca VC, and a group of more than 30 angel investors. The package also includes debt financing and non-dilutive funding from the National Research Council of Canada’s Industrial Research Assistance Program.
Ultimarii builds software that uses AI to work through application and permitting processes for large infrastructure projects. The company’s stated premise is that North America cannot build infrastructure at the required pace without modernizing the systems used to approve it.
The company has now raised more than $18 million CAD in total. Its customers span national and provincial governments, oil and gas producers, mining companies, energy producers, and major utility operators. The Series A money will fund expansion of Ultimarii’s regulatory intelligence platform across Canada and the United States. A specific priority is building deeper data sets around US regulatory frameworks, including those of the Environmental Protection Agency, the Federal Energy Regulatory Commission, and the Texas Railroad Commission.
The timing lines up with a wave of planned nation-building infrastructure projects in Canada, each carrying its own regulatory and permitting requirements. That gives Ultimarii an opening to position itself as the back-office tool that moves those projects along at a moment when both government and industry are focused on energy security and sovereignty.
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