Funding puts value of Paris-based Mistral AI at €240mn as dealmaking frenzy around sector intensifies
Mistral AI’s first round of financing values the Paris-based concern at €240mn, including the funds raised, according to people close to the company. The record amount raised highlights thesurrounding AI and Europe’s desire to create a viable alternative to Silicon Valley companies such as Microsoft-backed OpenAI and Google’s DeepMind.
Lightspeed Venture Partners, an early backer of companies including Snapchat, Epic Games and StabilityAI, is leading Mistral’s round. Other investors include former Google chief Eric Schmidt, French telecoms billionaire Xavier Niel, and Bpifrance, the French state-backed investment bank, a sign of the strategic nature of the project.
“There’s a pool of 80 to 100 people globally who have the level of experience they have,” Moyroud said. “Right now, for better or for worse, the capital requirements in compute and top-tier talent make [launching an AI start-up] quite a capital-intensive game.” The Mistral round comes at a time when European policymakers and politicians are seeking to balance the region’s need toin generative AI with a desire to regulate the emerging technology, to avoid the negative consequences seen with innovations such as social media in previous decades.
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