Mistral, a one-year-old AI startup based in Paris, announced a successful Series-B funding round of €600 million, led by General Catalyst.
The funding round, which saw participation from existing investors as well as new ones such as Lightspeed, Andreessen Horowitz, Cisco Systems, and Nvidia, valued the company at an impressive €5.8 billion.
This valuation marks a significant increase from the company’s prior valuation of €2 billion in December.
Co-founder and CEO Arthur Mensch expressed enthusiasm about the new round of funding, highlighting the company’s commitment to advancing the field of AI and making cutting-edge technology accessible to a wider audience.
Mistral’s success in securing over €1 billion in total funding underscores the growing interest in AI technologies and their potential impact on various industries.
Focuses on US market
Driven by the popularity of OpenAI’s ChatGPT and the increasing significance of large language models (LLMs) in generative artificial intelligence products, Mistral aims to leverage the funding to enhance its computing capabilities, expand its workforce, and strengthen its global presence, with a particular focus on the US market.
The recent partnership with Microsoft, which involved a $16 million investment and the integration of Mistral’s AI models into Microsoft’s Azure cloud computing platform, has attracted regulatory attention from the European Union due to concerns over potential monopolistic practices.
As Mistral embarks on its journey to advance AI technology and expand its market reach, the company’s latest funding round and strategic partnerships position it as a key player in the evolving landscape of artificial intelligence innovation.