Mistral AI's most recent investment round brings roughly 600 million euros

Mistral AI's most recent investment round brings roughly 600 million euros

Compared to its value of 2 billion euros at its last investment round in December, this represents a significant gain.

In a fundraising round headed by current investor General Catalyst, France's Mistral AI received 600 million euros ($643.7 million), the company said on Tuesday. AI continues to attract the majority of venture capital funds that are focused on technology.

Two people intimately engaged in the transaction estimate that the one-year-old firm was valued at 5.8 billion euros during the Series-B investment round. Compared to its value of 2 billion euros at its last investment round in December, this represents a significant gain.

Co-founder and CEO Arthur Mensch said, "This new transaction puts us in a unique position to push into the frontier of AI while delivering state-of-the-art technology to everyone's hands."

The AI company has received more than 1 billion euros in capital altogether thanks to the most recent round, which also includes investments from companies like Lightspeed, Andreessen Horowitz, Cisco Systems, and Nvidia.

Large language models (LLM), a technology that powers generative artificial intelligence applications, have been under the limelight because to OpenAI's ChatGPT, which launched in late 2021 and quickly became very popular.

Widely regarded as OpenAI's European rival, Mistral, with its headquarters in Paris, said that it will utilize the money to hire staff, increase its global footprint—especially in the United States—and provide more processing power.

Microsoft made a $16 million investment in Mistral in February as part of a collaboration to make the AI models of the firm accessible via its Azure cloud computing platform.

The European Union scrutinized the cooperation, requesting a probe into what they saw as the internet giant's concentration of power.

One dollar is equivalent to 0.9321 euros.