French AI startup Mistral AI has revealed the successful closure of its latest funding round, securing €385 million (equivalent to $415 million) in funding aimed at advancing its technology and open source software. Leading the funding round were Andreessen Horowitz and the company's initial investor Lightspeed Ventures. This funding marks a significant leap for Mistral, following its previous seed funding round in June, where it raised $113 million, elevating its current valuation to an estimated $2 billion.
Mistral AI specializes in open source technology dedicated to generating artificial intelligence tools, developing chatbots, and creating customizable features. The company's objective is to introduce its product to the public by early 2024.
Established in March, Mistral AI was founded by former leaders from Google DeepMind and Meta, the parent company of Facebook and Instagram. CEO Arthur Mensch commented on the recent funding, expressing the company's vision of building a European leader with a global mission in generative artificial intelligence. The approach emphasizes openness, responsibility, and decentralization in technology.
Investors participating in the funding round include Salesforce, Bpifrance, and Eric Schmidt. Concurrently, European Union regulators finalized what they termed a "historic" agreement concerning requirements for artificial intelligence on December 8.
This pivotal agreement covers multiple facets of AI, encompassing aspects like governmental application in biometric surveillance, the regulation of potent AI models such as ChatGPT, and the need for transparency before these technologies enter the public domain. Additionally, the agreement touches upon areas that intersect with other EU legislation, addressing concerns regarding copyright issues and methodologies for AI training.
