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Mistral AI, a Paris-based OpenAI rival, closed its $415 million funding round | TechCrunch

Dec 11, 2023 - techcrunch.com
French AI startup Mistral AI has raised €385 million ($415 million) in a Series A funding round led by Andreessen Horowitz and Lightspeed Venture Partners, valuing the company at around $2 billion. The funds will be used to further develop its AI models and commercial platform, which is launching today. The company, which raised $112 million in seed funding six months ago, is working on foundational models with an open technology angle, and has been lobbying for a total exemption for foundational models in the EU's AI Act.

Mistral AI plans to monetize its foundational models by allowing other companies to pay to use them via APIs on its developer platform. The platform will offer access to the Mistral 7B model and the new Mixtral 8x7B model, both of which are available as free downloads under the Apache 2.0 license. A third model, Mistral-medium, which reportedly performs better than the other models, is only available through the paid API platform.

Key takeaways:

  • Mistral AI, a French startup, has closed its Series A funding round, raising €385 million ($415 million), valuing the company at roughly $2 billion.
  • The funding round was led by Andreessen Horowitz and included investors such as Salesforce, BNP Paribas, and General Catalyst.
  • Mistral AI has released its first model, Mistral 7B, and a new model, Mixtral 8x7B, both under the Apache 2.0 license and available as free downloads.
  • The company is opening its developer platform in beta, allowing other companies to pay to use Mistral AI’s models via APIs, including a third model, Mistral-medium, which is only available through the paid API platform.
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