Mistral raises €3B as sovereign AI becomes big business

French AI lab Mistral AI on Tuesday said it has raised €3 billion (about $3.58 billion) at a post-money valuation of more than €21 billion (about $24.39 billion), confirming earlier rumors.

This Series D round, which Mistral said is “the largest equity fundraising round ever completed by a European technology company,” was led by Samsung Electronics, with EQT-managed Scaleup Europe Fund and existing investor PSG Equity joining as co-leads.

Mistral said it will use the funding to scale its compute capacity, build infrastructure, accelerate commercial growth and expand its international footprint. The money could also help clarify its positioning — the company says its goal is not to build a European ChatGPT, and though its models haven’t gone mainstream, it still envisions itself as an AI lab.

The funding will help Mistral pursue a subtle shift in strategythat aims to further address concerns in Europe and elsewhere about...

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