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Mistral AI Hits $6B Valuation; DST Leads Funding

Paris-based startup Mistral AI, known for its open-source Large Language Models, is on a fundraising spree $6B valuation
May 10, 2024

Paris-based startup Mistral AI, focusing on open source Large Language Models (LLMs), has raised $15 million in a Series A funding round, valuing the company at $6 billion. This valuation marks a significant increase from its previous valuation of $2 billion in December.

Investors such as DST, General Catalyst, and Lightspeed Venture Partners are reportedly participating in the round, indicating strong interest from heavyweight backers.

Mistral AI, founded by Arthur Mensch, is known for its open source approach, distinguishing it from competitors like OpenAI and Anthropic. Since launching its first LLM in September 2023, Mistral has released two more models.

The $15 million Series A funding round has been in the works since March and underscores the growing interest in Mistral AI's technology. Despite not disclosing user numbers or revenue figures, Mistral's valuation has increased rapidly in recent weeks.

SoftBank, although keen on AI investments, is not currently part of Mistral's funding round. However, the firm has been actively investing in AI, recently leading a $1 billion funding round for Wayve.

In a heated market for AI startups, Mistral's rising valuation highlights the growing demand for innovative AI technologies. While SoftBank's interest in AI remains strong, it is reportedly considering acquiring UK-based AI chip designer Graphcore.

Mistral AI declined to comment on the funding round, while DST and General Catalyst have not responded to requests for comment. Lightspeed Venture Partners declined to comment on speculation.

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