Mistral AI Raises €385M in Funding Round, Eyes Public Launch in 2024
Summary:
Mistral AI, a French artificial intelligence startup, has raised €385 million ($415 million) in its recent funding round, led by Andreessen Horowitz and Lightspeed Ventures, bringing its total valuation to around $2 billion. The company, founded in March by former leaders from Google's DeepMind and Meta platform, focuses on open-source technology for generative AI tools and chatbot development. The funds will aid in broadening its technological capabilities, with a plan to make its products publicly available by 2024.
Mistral AI, a start-up specializing in AI from France, recently disclosed that it secured a staggering €385 million ($415 million) from its latest round of funding. The funding will be used to advance its technology and promote its open-source software. Reputed investors Andreessen Horowitz along with Lightspeed Ventures, who had supported the company from its inception, spearheaded the round, which was concluded on December 11. This funding round follows closely behind a previous one from earlier the same summer where Mistral secured $113 million as seed capital. The company's current valuation rests approximately at a considerable $2 billion. Mistral AI is committed to the development of open-source technologies that aid in creating AI tools, chatbots, and a range of customizable features. The company intends to make its product line available to the broader public by the start of 2024. Mistral AI was established in March by top personnel from Google's DeepMind and Meta, the holding company for Facebook and Instagram. Arthur Mensch, the CEO of Mistral AI, shared his thoughts on the successful round of funding, stating, "Since the formation of Mistral AI in May, we've remained steadfast in our path to foster a European role model with a global reach in the field of generative AI. Our approach to technology is open, ethical, and decentralized." Other notable investors participating in this funding round included Salesforce Inc., Bpifrance, and Eric Schmidt, among others. Cointelegraph reached out to Mistral AI for further comments regarding the recent investment situation; a response is yet to be received. Meanwhile, regulators in the European Union have struck what is being labeled as a "historic" arrangement on AI guidelines on December 8. The agreement encapsulates several facets of AI, such as government usage for biometric tracking, regulating robust AI models like ChatGPT, and prerequisites for transparency before entering the public sphere. The agreement also shed light on elements intersecting with other EU legislative areas, like copyright issues and training methodologies.
Published At
12/11/2023 4:08:33 PM
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