Calgary-based regulatory AI company Ultimarii has raised a Series A worth more than $13 million CAD.
The news: Ultimarii made the announcement on Thursday, saying it had raised the Series A with equity investment support from the Business Development Bank of Canada’s (BDC) Industrial Innovation Venture Fund, Mistral Venture Partners, Staircase Ventures, Alpaca VC, and more than 30 angel investors. The round also included debt financing and non-dilutive funding from the National Research Council of Canada’s Industrial Research Assistance Program.
From the source: “Ultimarii has been built around the premise that North America cannot build infrastructure at the speed and scale required without modernizing the systems used to approve it,” the company, which uses AI to navigate and streamline application and permitting processes, said in a statement.
The context: With more than $18 million CAD in total capital raised to date, and customers across national and provincial governments, oil and gas, mining, energy production, and major utility operators, Ultimarii’s Series A financing will go toward expanding the company’s regulatory intelligence platform across Canada and the United States. Additionally, Ultimarii said it would use the new capital to substantially expand its regulatory infrastructure, with a particular focus on building deeper data sets around US-based regulatory frameworks, including the Environmental Protection Agency, the Federal Energy Regulatory Commission, and the Texas Railroad Commission.
Final thought: Investment in Ultimarii comes at a moment when Canada is navigating a glut of planned nation-building infrastructure projects, all of which will come with unique regulatory and permitting requirements to be successful. That’s creating an opportunity for Ultimarii to position itself as the behind-the-scenes solution that can speed up and streamline projects at a moment when government and business in Canada are focused on delivering on projects needed to shore up sovereignty and energy security.
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Feature image courtesy Ultimarii.