Mistral, OpenAI’s French competitor, today announced its €1.7 billion Series C, equating to $1.99 billion. The round, spearheaded by semiconductor company ASML, values Mistral at €11.7 billion, or $13.7 billion, post-money.
The company is on a mission to democratize artificial intelligence through open-source models, products and solutions. Mistral’s core offering is Le Chat, an AI assistance hub that allows users to build and deploy customized AI agents at scale. Its new funding enables it to further its research as it explores how AI can be applied to critical challenges industries like financial services, healthcare, manufacturing, e-commerce, government and defense face.
ASML and Mistral announced a partnership ahead of this raise, allowing the semiconductor equipment manufacturer to leverage Mistral’s AI models to enhance its lithography systems and offer its customers faster time to market. ASML led the Series C round with a €1.3 billion investment, equivalent to about $1.5 billion.
“The collaboration between Mistral AI and ASML aims to generate clear benefits for ASML customers through innovative products and solutions enabled by AI, and will offer potential for joint research to address future opportunities,” Christophe Fouquet, ASML’s president and CEO, said in a company blog post about the partnership.
Following its Series C, Mistral will continue developing custom decentralized AI tools designed to solve complex engineering and industrial problems. Its goal is to provide enterprise and public sector customers with advanced models, tailored solutions and high-performance compute infrastructure that will grant them a competitive edge in the AI age.
