Mistral set to triple valuation to US$6b in just six months: WSJ
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The news: French AI startup Mistral AI is reportedly nearing a deal to raise funds at a valuation of USD6 billion ($9.08 billion), which would see it triple its valuation in a period of just six months.
The numbers: According to unnamed sources cited by the Wall Street Journal, existing Mistral AI investors General Catalyst and Lightspeed Venture Partners will lead a new funding round of around USD600 million. Mistral had raised over USD500 million as of December last year.
The context: Appetite for AI investment remains strong, and the European AI platform which was founded only two years ago by former Google and Meta researchers has attracted significant interest from investors. The startup has been garnering attention as a dedicated proponent of open-source generative AI tools, aiming to grow an ecosystem of users for its tools.
Mistral plans to challenge industry behemoths including OpenAI and Google by designing and commercialising more affordable AI solutions that compete at the same level.
In February, Microsoft reportedly took a minor stake in Mistral as it looked to expand its presence in the AI space beyond its deep connection with OpenAI.
The source: Wall Street Journal
