Paris-based AI start-up Mistral is reported to be finalising a Series C round of $2bn. Reuters reports Dutch ASML is set to become top shareholder.<\/p>\n
Europe\u2019s AI darling, Paris-based Mistral, which was founded in 2023, is staying tight-lipped but Bloomberg<\/a> is reporting that an upcoming fundraising round of more than $2bn could value the company at $14bn, making it one of Europe\u2019s most valuable tech start-ups. Reuters<\/a> meanwhile says Dutch chips firm ASML will be by far the biggest investor in this round, making it the largest shareholder, and giving it a place on Mistral\u2019s board.<\/p>\n Founded by former Google DeepMind researcher Arthur Mensch, and ex Meta researchers Guillaume Lample, and Timoth\u00e9e Lacroix \u2013 the three all studied at \u00c9cole Polytechnique in Paris \u2013 Nvidia-backed Mistral has a stated mission of \u201cdemocratising artificial intelligence through open-source, efficient, and innovative AI models, products, and solutions\u201d, and a B round raise in July 2024<\/a>, already valued the young start-up at $6bn last year.<\/p>\n The raise happens at a time when its giant US competitors like Anthropic and OpenAI are raising major rounds. Anthropic confirmed last week it had raised $13bn in a funding round<\/a> led by Iconiq, valuing the company at a post-money $183bn, cementing its place as a real competitor to OpenAI, which has been busy fundraising this year too<\/a>. Along with Iconiq, Anthropic\u2019s round was co-led by Fidelity Management & Research Company and Lightspeed Venture Partners.<\/p>\n It\u2019s hoped that Mistral\u2019s latest round will give the French start-up a war chest to help create a true European competitor to the US and China in the Gen AI space.<\/p>\n An exclusive from Reuters cites anonymous sources who say Dutch maker of chipmaking equipment, ASML, will be the biggest investor in this round, committing some $1.5bn, making it the top shareholder at the young AI company, and taking a seat on the board. When confirmed the raise will make Mistral the most valuable AI start-up in Europe.<\/p>\n