Alberta Enterprise Corporation (AEC) is doubling down on enterprise AI, announcing a $7.5 million investment into Mistral Venture Partners’ fifth fund, a vehicle dedicated to backing companies building across the enterprise AI stack.
The fund will target opportunities spanning infrastructure through to applications, reflecting growing demand for AI-driven solutions across business operations. Mistral has already established a track record in the space, with past investments including Cohere, BlueJ Legal, Armilla AI, Backboard, and Alberta-based companies such as Bidaya AI and Youthfully.
AEC’s investment builds on an existing relationship with the firm, which has backed nine Alberta companies to date, including multiple rounds in Calgary-based Symend. Other investors in the fund include BDC, HarbourVest, Fonds de solidarité FTQ, Venture Ontario, and Scotiabank.
As part of its expanded commitment, Mistral plans to establish a full-time presence in Alberta in 2026, a move aimed at deepening its engagement with the province’s growing technology ecosystem.
“As repeat investors in our province, Mistral knows the potential of Alberta’s technology businesses,” said Kristina Williams, CEO of AEC. “It’s great to be bringing their team’s deep personal experience scaling companies to our startups focused on AI for enterprises.”
The announcement comes as Alberta continues to position itself as a hub for artificial intelligence and digital infrastructure. Minister of Technology and Innovation Nate Glubish pointed to the importance of sustained capital and expertise in maintaining that momentum.
“This investment by AEC gives Alberta’s B2B startups expert insight and essential capital to help shape the future role of AI in business,” he said.
Founded in 2012 by Code Cubitt, Bernie Zeisig, and Mike Scanlin, Mistral brings a founder-led perspective to venture investing. Cubitt, a University of Alberta engineering graduate who launched his early companies in the province, emphasized the region’s track record in enterprise software.
“For years Alberta has punched above its weight in technology success stories,” said Cubitt. “It’s great to invest where my career began and see our team play a supportive role so Alberta founders can focus on doing what they do best—build.”
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