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 strategy that aims…
