Mistral bags $24 billion valuation as Samsung leads funding for Europe's AI champion
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Mistral on Tuesday said it raised 3 billion euros ($3.5 billion) in fresh funding led by memory chip giant Samsung, as the French startup looks to position itself as a European alternative to rivals like OpenAI and Anthropic.
Key facts
Mistral on Tuesday said it raised 3 billion euros ($3.5 billion) in fresh funding led by memory chip giant Samsung, as the French startup looks to position itself as a European alternative to rivals
The investment also involved the Scaleup Europe Fund, a European Union-backed investment fund managed by EQT, and existing investor PSG Equity
Mensch said earlier this year that he expects Mistral's annual recurring revenue to exceed $1 billion this year
The Scaleup Europe Fund's investors include the European Commission as well as major corporations such as Novo Holdings and Santander
Summary
The investment also involved the Scaleup Europe Fund, a European Union-backed investment fund managed by EQT, and existing investor PSG Equity. Mistral was valued at 11.7 billion euros a year ago, after a funding round led by Dutch chip equipment maker ASML. Arthur Mensch, CEO of Mistral, told CNBC that the funding would go toward building more infrastructure, including its own data centers, and renting out computing capacity. "Long term, the plan is to fully rely on capacity that we are building ourselves, and so that means that the amount of compute that we own is going to grow. around 100% in the next five years," Mensch said.