Paris-based Mistral AI achieves remarkable success, securing 385 million euros in its second funding round within seven months, propelling the company's valuation to an estimated 2 billion euros.
In a groundbreaking development, Mistral AI, a French artificial intelligence company founded by former Meta and Google AI researchers, announced on Monday that it has successfully raised an impressive 385 million euros ($414.41 million) in its second funding round within a span of seven months. The funding round was spearheaded by prominent investors, including Andreessen-Horowitz and LightSpeed Ventures.
While the exact valuation of Mistral AI remains undisclosed by the company, an inside source with knowledge of the matter indicated that it stands at a substantial 2 billion euros. This valuation firmly places the Paris-based startup among the leading artificial intelligence companies globally, reflecting the immense confidence and support it has garnered within the investor community.
Mistral AI had previously made headlines in June by securing a noteworthy 105 million euros just a month after its inception. The rapid succession of funding rounds underscores the growing significance and potential of Mistral AI in the competitive AI landscape.
A key milestone for Mistral AI is the launch of Mixtral 8x7B, an open model designed to position itself as Europe's response to acclaimed AI platforms such as OpenAI's ChatGPT and Google's Bard. The Mistral AI platform is currently in beta access and is slated to be fully operational by early 2024.
Notably, Mistral AI has been actively engaged in advocating for changes to the EU AI Act, a legislative initiative currently in the process of becoming law. The company has received backing from the French government and has played a pivotal role in shaping the discourse around AI legislation in the European Union.
Despite the recent funding success, Mistral AI has not commented on the latest developments regarding the AI legislation reached on Friday, leaving room for speculation about its stance on the evolving regulatory landscape.
Mistral AI's impressive roster of backers includes major players such as Salesforce, BNP Paribas, General Catalyst, La Famiglia, Eric Schmidt, New Wave, Motier Ventures, and Sofina. With this robust support, Mistral AI aims to attain frontier-level AI capabilities in the coming months and is committed to developing products tailored for both developers and enterprises.
As Mistral AI continues its ascent in the AI industry, the company's trajectory is closely watched, and its rapid growth positions it as a formidable contender in the global AI landscape. The recent funding injection is expected to catalyze Mistral AI's pursuit of cutting-edge AI solutions and reinforce its standing as a key player in shaping the future of artificial intelligence.
