In the amount of 600 million euros: the artificial intelligence company Mistral secures its next financial injection

In the amount of 600 million euros
AI company Mistral secures next financial injection

June 11, 2024 at 10:11 pm

Mistral is a promising European provider of so-called generative artificial intelligence. Investors also agree on this. The French company is only a year old and has already raised more than €1 billion. Now another 600 million euros are being added.

Mistral received additional capital on the occasion of its first anniversary. The French artificial intelligence (AI) provider announced that it has raised €600 million. This means that the financial injection since its establishment has totaled more than one billion euros. According to the Financial Times, the company's value now reaches nearly six billion euros.

In the previous financing round in December 2023, it was still 2 billion euros. “The current round of financing ensures the continued independence of the company, which remains entirely under the control of the founders,” said co-founder and president of the company Arthur Mensch. The funds will be used to promote the development of the “Mixtral 8x7B” artificial intelligence.

Mistral, along with Aleph Alpha from Germany, is a promising European provider of so-called generative AI, which aims to compete with Google's ChatGPT or “Gemini”. According to the information, current backers include venture capitalist Andreessen Horowitz, the investment division of publishing house Bertelsmann, chip maker Nvidia, and SAP competitors Cisco and ServiceNow.

A few months ago, the French company announced a partnership with Microsoft, which also works closely with Chat GPT developer and Mistral competitor OpenAI. This deal is being closely investigated by the European Union. Mistral also cooperates with Alphabet's Google subsidiary.

The American company Microsoft, a leader in the field of artificial intelligence, also contributed 15 million euros in capital in a previous round of investors. But at the beginning of May, Microsoft President Brad Smith announced that he would not invest further in the French company. “Mistral is very successful in raising funds and it is important for it to obtain money from several different sources,” he said in an interview with Agence France-Presse.