BDC Capital’s Industrial Innovation Venture Fund led the round, which combined equity and debt financing, with participation from Mistral Venture Partners, Staircase Ventures and Alpaca VC. The National Research Council of Canada’s Industrial Research Assistance Program is also providing funding to Ultimarii. (The Logic)

Talking point: Regulatory agencies, law firms and companies in the power, mining and energy industries use the startup’s AI tools to plan, generate and manage regulatory and permitting applications and other bureaucratic tasks. The system draws on datasets containing information on past government processes, and the expertise of humans who have been involved with them. Doug Schweitzer, Alberta’s former justice and innovation minister, founded the firm in January 2024 with Josh Malate, who previously started legaltech firm Athennian. Ultimarii’s business has grown as the federal government pushes to get more major projects built in Canada, the co-founders told The Globe and Mail. It’s now looking to expand internationally, starting by adding U.S. datasets.

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