Mistral AI, a French artificial intelligence firm, announced closing a second funding round within seven months, raising €385 million ($414.41 million). The investment was spearheaded by prominent Venture Capital investors, including Andreessen-Horowitz and LightSpeed Ventures.
Although the company did not disclose its valuation, sources familiar with the matter indicated it at a noteworthy €2 billion, positioning the French startup among the elite AI companies globally, Reuters news report said.
Paris-based Mistral AI, founded by former Meta and Google AI researchers, had previously secured €105 million just a month after its inception in June.
The company introduced Mixtral 8x7B, an open model aiming to rival AI platforms like OpenAI’s ChatGPT and Google’s Bard, marking an ambitious move for European AI capabilities. Currently available in beta access, the Mistral AI platform is set to be fully operational by early 2024.
In addition to its innovative strides in AI, Mistral AI actively engaged in advocating for changes within the EU AI Act, garnering support from the French government. However, the company has yet to comment on the recent developments regarding the AI legislation finalized on Friday.
Mistral’s backers include notable names such as Salesforce, BNP Paribas, General Catalyst, La Famiglia, Eric Schmidt, New Wave, Motier Ventures, and Sofina.
Looking ahead, Mistral AI aims to push the boundaries of AI capabilities in the upcoming months, focusing on the development of products geared towards both developers and enterprises. This ambitious pursuit aligns with Mistral AI’s vision to establish itself at the forefront of AI innovation.