It is true that MistralAI, an innovative Artificial Intelligence startup, recently secured 600 million euros in funding from General Catalyst, marking a significant valuation increase since its 2018 launch in the tech industry, ranging from 2 billion euros to 5.8 billion euros. Cisco Stock was among the major investments in this funding round.
“Unique advancement of the AI forefront as well as advanced technology simplification will be possible via this round,” Mistral AI’s co-founder and CEO, Arthur Mensch, noted.
The funding also received support from leading companies such as Lightspeed, Andreessen Horowitz, Cisco Systems and NVIDIA bringing the total investment in Mistral AI to more than 1 billion euros.
Growing global interest and investment in generative AI technologies has come through an explosion of large language models (LLMs) such as OpenAI’s ChatGPT model for Paris-based MistralAI, considered the European equivalent of OpenAI , is upgrading its data center, adding more employees, plus cash on hand to establish itself in the United States as one of its key markets.
In the earlier months of 2022, MistralAI received $16 million from Microsoft which would serve as the investment for the integration of its AI models into Azure cloud computing platform by Microsoft as part of a strategic partnership.
However, this partnership has attracted regulatory scrutiny from the European Union amid concerns over the concentration of power in the tech industry.
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