The Strategist

French competitor of OpenAI raises €385M from investors



12/12/2023 - 09:15



The French rival of OpenAI, Mistral AI, has raised €385 million in a financing round. Because of this, the firm, which was founded less than a year ago, is now valued at almost $2 billion, Bloomberg writes.



A financing round of French startup Mistral AI has brought in €385 million ($415 million), according to Bloomberg, which cites the company's statement. The agency estimates that the corporation is worth roughly $2 billion.

Lightspeed Ventures, the initial sponsor of Mistral AI, and venture capital firm Andreessen Horowitz led the investment round. They were joined by a number of additional investors.

Mistral AI CEO Arthur Mensch stated that the company is "following a clear trajectory: to create a European champion with a global purpose in artificial intelligence."

Bloomberg reported in early December that the startup might be valued at $2 billion. Mistral AI's three co-founders and three other insiders decided to sell shares for roughly €1 million each, with Cedric O, the former secretary of state for the digital economy in France, being one of them.

source: bloomberg.com

 




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