Mistral, France’s OpenAI Rival, Closes €385 Million Round
Mistral AI, the Paris-based artificial intelligence startup, has successfully raised €385 million ($415 million) in funding, marking a significant milestone in the company’s journey to establish a European rival to US tech giants. Led by Silicon Valley venture capital firm Andreessen Horowitz and initial backer Lightspeed Ventures, the funding round values Mistral at approximately $2 billion.
Founded just seven months ago by former scientists from Alphabet Inc.’s DeepMind and Meta Platforms Inc., who had worked on large language models similar to those offered by OpenAI Inc., Mistral aims to advance its open-source software and create a European champion with global influence in generative artificial intelligence. The company’s Chief Executive Officer, Arthur Mensch, expressed the team’s commitment to an open, responsible, and decentralized approach to technology.
Mistral specializes in developing open-source software that fuels chatbots and other generative AI tools. The company is currently conducting tests on its infrastructure for general availability, including new customization features, which are expected to be rolled out in early 2024.
Several notable investors joined Andreessen Horowitz and Lightspeed Ventures in this funding round, including Salesforce Inc., BNP Paribas, and CMA CGM, reflecting the growing enthusiasm and support for Mistral’s vision. Other participants include General Catalyst, Elad Gil, Emerson Collective, Conviction, Bpifrance, La Famiglia, Eric Schmidt, New Wave, Motier Ventures, and Sofina.
Mistral’s successful funding round positions the company as a key player in the rapidly expanding artificial intelligence space. By leveraging its open-source software and highly talented team, Mistral is set to make significant strides in advancing generative artificial intelligence and shaping the future of the industry.
With a global audience in mind, Mistral’s achievements are not only of interest to the tech community but also highlight Europe’s growing presence in the AI sector. As Mistral continues to make strides in the development of its open-source software, the company is poised to redefine the future of AI technology and strengthen Europe’s role in this dynamic field.
In summary, Mistral AI’s recent funding round, led by Andreessen Horowitz and Lightspeed Ventures, has provided the company with €385 million ($415 million) to further develop its open-source software and establish a European rival to leading US tech giants. With a valuation of $2 billion, Mistral is positioned to revolutionize the artificial intelligence landscape through its commitment to open and responsible technology.
