Mistral AI Secures $415M Funding for Open-Source AI Expansion

Mistral AI, a French startup specializing in artificial intelligence (AI), has disclosed that its most recent financing round of €385 million ($415 million) enabled the company to develop its open-source software and technology.

The company’s initial investors, Andreessen Horowitz and Lightspeed Ventures, led the funding round. The round concluded on December 11. This follows a previous financing round in June, during which Mistral secured seed funding totaling $113 million.

At this time, the company is valued at approximately $2 billion. Mistral AI emphasizes open-source technology for the development of chatbots, generative AI tools, and customizable features. Its objective is to introduce its products to a wider public by the beginning of 2024.

In March, former leaders from Google’s DeepMind and Meta (the parent company of Facebook and Instagram) established the organization.

Arthur Mensch, chief executive officer of Mistral AI, commented on the most recent funding round, stating that Salesforce, Bpifrance, and Eric Schmidt were among the additional investors.

“Since the creation of Mistral AI in May, we have been pursuing a clear trajectory: that of creating a European champion with a global vocation in generative artificial intelligence, based on an open, responsible and decentralized approach to technology.”

Meanwhile, on Friday, December 8, European Union regulators achieved a “historic” consensus regarding the requirements for artificial intelligence.

The agreement covers many areas of artificial intelligence, such as how to control strong AI models like ChatGPT and how the government can use AI for biometric surveillance. It also includes rules about how open companies must be before they can enter the public market.

Additionally, aspects of the agreement that intersect with other domains of EU law are addressed, including training methodologies and copyright concerns.