Mistral AI, a Paris, France-based AI startup, raised $113 million in seed funding at a $260 million valuation, to compete against OpenAI in the building, training, and application of large language models and generative AI.
The round was led by Lightspeed Venture Partners, with participation from several investors, including Xavier Niel, JCDecaux Holding, Rodolphe Saadé, Motier Ventures, La Famiglia, Headline, Exor Ventures, Sofina, First Minute Capital, and LocalGlobe.
Mistral AI intends to use the funding to assemble a world-class team and create the best open-source models.
They aim to make AI useful by developing open-source solutions and targeting enterprise customers. Mistral AI's focus is on enterprise customers, helping them utilize AI effectively and create their products.
Mistral AI will be focusing on open-source solutions and targeting enterprises to create what CEO Arthur Mensch believes is currently the biggest challenge in the field: “To make AI useful.” It plans to release its first models for text-based generative AI in 2024.
Company: Mistral AI
Raised: $113.0M
Round: Seed Round
Funding Month: June 2023
Lead Investors: Lightspeed Venture Partners
Additional Investors: Xavier Niel, JCDecaux Holding, Rodolphe Saadé, Motier Ventures, La Famiglia, Headline, Exor Ventures, Sofina, First Minute Capital, and LocalGlobe
Company Website: https://mistral.ai/
Software Category: Open Source Solutions
About the Company: Founded by Arthur Mensch, Timothée Lacroix, and Guillaume Lample, Mistral AI is an AI startup developing a generative AI model. The startup is committed to helping enterprise customers navigate the complex landscape of AI, understanding their specific needs, and guiding them on how to leverage AI tools to address these needs effectively. They are focused on creating, training, and application of large language models and generative AI, technologies that lie at the forefront of the AI industry. Mistral AI operates primarily from its main office in Paris.
Source: https://techcrunch.com/2023/06/13/frances-mistral-ai-blows-in-with-a-113m-seed-round-at-a-260m-valuation-to-take-on-openai/