• Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

France-based startup, Mistral AI, has reportedly raised EUR 600 million in its latest funding round, led by the tech-focused investment firm, General Catalyst, consequently increasing its valuation to nearly EUR 6 billion.

The latest fundraising was managed by General Catalyst, which has previously invested in companies like Snap and Deliveroo. Mistral AI’s existing backers, including Andreessen Horowitz, Samsung, IBM, NVIDIA, and Salesforce, also participated.

Telecom Review Europe Coverage: EU Parliament's Approval of AI Regulation: Advancing Technological Governance


Additionally, it was noted that investment giant, DST Global, participated in the funding round for the first time. Microsoft, despite having invested USD 16 million in Mistral AI previously, did not participate in this round.

Mistral AI’s latest capital injection occurred two weeks after Elon Musk’s AI venture, xAI, secured USD 6 billion in funding, with contributions from venture capital firm, Andreessen Horowitz. According to media sources, Mistral AI’s valuation is approximately EUR 5.8 billion.

Telecom Review Europe Analysis: EU's Vision for Ethical AI: Pioneering Strategies Leading Global Innovation


One of Mistral AI’s co-founders, Arthur Mensch, reportedly stated that the company has "a little more than 1,000" high-powered GPUs for training its AI. He mentioned that they spent "just a couple of dozen million euros" to develop products capable of competing with AI giants such as OpenAI, Meta Platforms, and Google. Mensch emphasized plans to "scale up" commercialization efforts and acquire additional computing power, which he views as a means to "break the barriers of AI."

Mistral AI employs 60 staff members across France, the UK, and the US. The company maintains its AI software as "open source" to ensure it is accessible to everyone.

Interesting Read: Study Reveals Thriving Competition in Europe's Generative AI Market

Also Read: UAE, France to Jointly Explore AI Use Cases Across Sectors