IBL News | New York
Paris-based Mistral AI closed its Series B funding round, raising €600 million ($640 million) in equity and debt. The startup is now valued at $6 billion following this funding round.
General Catalyst, an existing investor, led the round. Other investors include Belfius, Bertelsmann Investment, BNP Paribas, Bpifrance (through its Digital Venture fund), Cisco, Eurazeo, Headline, Hanwha Asset Management’s venture fund, IBM, Korelya Capital, Latitude, Millennium New Horizons, Sanabil Investments, ServiceNow, and SV Angel.
Co-founded by alumni from Meta and Google’s DeepMind, Mistral AI raised a massive $112 million seed round a year ago to establish a European rival to OpenAI and other AI giants.
The company is working on foundational models to compete with the best-performing models today, such as OpenAI’s GPT-4o, Anthropic’s Claude 3, and Meta’s Llama 3.
Mistral AI has also released pre-trained and fine-tuned models under an open-source license with open weights. For instance, Mistral 7B, Mistral 8x7B, and Mistral 8x22B were released under the Apache 2.0 license.
With Mistral AI raising a $640M Series B, I just re-read their Seed strategic memo.
This section is so accurate 🎯
For instance, most banks are not allowed to use OAI internally because they don’t want to give their data away, so being able to host an open weights model on… https://t.co/KtWv9y4loJ pic.twitter.com/heD6DW8wzx
— Didier Lopes (@didier_lopes) June 11, 2024
