Mistral AI raises $640 million in Series B round
French AI company Mistral AI has secured $640 million in a Series B funding round, tripling the company's valuation to $6.4 billion in six months.
What happened?
French AI startup Mistral AI announced on 12 June 2024 that it has closed a Series B funding round of 600 million euros, equivalent to approximately $640 million. The investment was led by General Catalyst, with participation from existing investors including Lightspeed, Andreessen Horowitz, Bpifrance, and BNP Paribas. Companies such as Nvidia, Salesforce, Samsung, and IBM also contributed support. This round consists of 468 million euros in equity and 132 million euros in debt.
Key facts
”Franska AI-startupsbolaget Mistral AI:s medgrundare och VD Arthur Mensch meddelade idag på sociala medier X att Mistral AI har säkrat 600 miljoner euro (cirka 640 miljoner USD eller 4,7 miljarder RMB) i en B-runda.”
”Den nya finansieringen värderar Mistral AI till 6 miljarder euro (cirka 6,4 miljarder USD eller 47 miljarder RMB), vilket är tre gånger dess värdering för sex månader sedan.”
Why it matters
This significant capital raise underlines the continued high investment interest in the AI sector and Mistral AI's rapid growth. Founded in April 2023 by former researchers from DeepMind and Meta, the company has quickly become a prominent player in open-source AI. The new valuation of $6.4 billion is three times higher than it was six months ago, positioning Mistral AI as a major challenger to larger, established AI companies.
Who is affected?
The funding primarily affects Mistral AI itself, its employees, and investors, as well as the open-source AI community. Developers and companies using Mistral AI's models, such as Mixtral 8x22B, will benefit from the increased capacity to develop new products and services. Competitors such as OpenAI and Google are affected as Mistral AI strengthens its market position.
Impact on the EU
Mistral AI is a French company, meaning this funding round has direct relevance for both the European AI market and the EU's ambitions in AI development. The company's growth could potentially strengthen the EU's technological sovereignty and competitiveness against American giants.
What else you should know
The latest model, Mixtral 8x22B, was launched on 10 April 2024 and, with 176 billion parameters, is one of the largest open-source models on the market. Previous funding rounds totaled over $500 million and included participants such as Nvidia and Microsoft.
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