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OpenAI Competitor Mistral AI Raising At $6B Valuation — Report

May 09, 2024 - news.crunchbase.com
Paris-based AI firm Mistral AI is reportedly nearing a funding round that would value the company at $6 billion. The company is seeking to raise around $600 million from existing investors General Catalyst and Lightspeed Venture Partners, tripling its valuation from December when it raised $415 million. The December round was led by Andreessen Horowitz and included participation from General Catalyst, Lightspeed Venture Partners, and Bpifrance. Strategic backers Nvidia and Salesforce 1 also contributed convertible debt to the December deal, while Microsoft and Databricks Ventures invested in February and March respectively.

This is not the first time Mistral has quickly raised funds, with the December round coming just six months after a seed round worth approximately $111 million. The company's rapid fundraising reflects the ongoing investor interest in AI startups. Despite predictions of a decline in AI funding in 2024, funding to AI-related startups increased in Q1 2024 compared to Q4 2023, with $12.2 billion invested in venture-backed AI startups in 1,166 deals.

Key takeaways:

  • Mistral AI, a Paris-based AI firm, is reportedly closing in on a new funding round that would value the company at $6 billion.
  • The company is seeking to raise around $600 million from existing investors General Catalyst and Lightspeed Venture Partners.
  • Strategic backers of Mistral AI include Nvidia and Salesforce 1, and recent investors include Microsoft and Databricks Ventures.
  • Despite predictions of AI funding declining in 2024, funding to AI-related startups increased in Q1 2024 compared to Q4 2023, with $12.2 billion invested in venture-backed AI startups in 1,166 deals.
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