April 19, 2024
Mistral AI Raises $415 Million to Pioneer Open-Source AI
AI

Mistral AI Secures €385 Million Funding, Aims for Global Impact in AI

French startup Mistral AI recently disclosed securing €385 million ($415 million) in its most recent funding cycle aimed at advancing its technology and open-source software. The funding round, spearheaded by Andreessen Horowitz and Lightspeed Ventures, concluded on Dec. 11, following a prior seed funding round in June where the company amassed $113 million.

Currently valued at $2 billion, Mistral AI centers its efforts on open-source technology catering to generative AI tools, chatbot creation, and customizable features, with plans to launch its products for public access by early 2024.

Founded in March by former leads from Google’s DeepMind and Meta (Facebook and Instagram’s parent company), Mistral AI aims to establish itself as a European frontrunner with a global presence in generative artificial intelligence, upholding an open, responsible, and decentralized technological approach, as highlighted by CEO Arthur Mensch. Notable investors in this round include Salesforce, Bpifrance, and Eric Schmidt.

Recent developments in the European Union witnessed regulators reaching a landmark agreement concerning AI requirements on December 8. This comprehensive agreement spans various AI aspects, encompassing government usage in biometric surveillance, regulation of potent AI models such as ChatGPT, and necessitating transparency measures pre-market entry. Additionally, the agreement addresses intersections with other EU legislation, incorporating considerations related to copyright issues and training methodologies.

Image by freepik

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