The round was led by BDC’s Industrial Innovation Venture Fund and Mistral Venture Partners, with participation from Staircase Ventures, Alpaca VC, and more than 30 angel investors. It also included debt financing and non-dilutive funding from the National Research Council of Canada’s Industrial Research Assistance Program.
Ultimarii will use the $13 million to expand its regulatory intelligence platform across Canada and the United States, with a focus on building deeper data sets around U.S. frameworks such as the Environmental Protection Agency and the Federal Energy Regulatory Commission. The company has raised more than $18 million in total capital to date.