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Mistral AI secures €105M in Europe’s largest-ever seed round

June 14, 2023
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The Paris-based artificial intelligence startup, Mistral AI, has raised €105 million in Europe's largest-ever seed round just four weeks after being founded. The funds will be used to develop a large language model, similar to OpenAI's ChatGPT, with the aim of assisting businesses in improving various processes and building new AI products.

Introduction of Mistral AI: Mistral AI, a new Paris-based startup, has successfully raised €105mn in a record-breaking seed round.
  • Founded by three AI researchers, the company aims to develop an AI model to help businesses improve various processes and build new AI products.

  • Company Background and Goal: Despite being founded just a month ago, Mistral AI has ambitious plans for its AI product.
  • CEO Arthur Mensch and his co-founders, Timothée Lacroix and Guillaume Lample, are former employees of notable companies like Google's DeepMind and Meta.
  • Mistral AI aims to create a large language model (LLM) akin to OpenAI's ChatGPT by early 2024.

  • Use of Raised Funds: The company intends to use a significant portion of the raised funds to rent computer power for model training.
  • Mistral AI plans to only use publicly available data to avoid copyright and legal issues encountered by other companies in the industry.

  • Business Strategy: The company aims to distinguish itself by providing open-source models and data sets to businesses, rather than consumers.
  • Mistral AI intends to help business clients enhance their R&D, customer care, and marketing, and equip them with the tools to create new AI-driven products.

  • Investor Perspective: The funding round was led by Lightspeed Venture Partners, who expressed confidence in Mistral AI's vision and capabilities.
  • Lightspeed's partner, Antoine Moyroud, praised the founders for their technical understanding and experience in training and operating large language models.
  • Lightspeed believes Europe has a significant role in the AI field and is keen to partner with more European founders like Mistral AI's team.

  • Other Investors: Numerous ventures and private investors also participated in the funding round.
  • These include JCDecaux Holding, Motier Ventures, La Famiglia, Headline, Exor Ventures, Sofina, First Minute Capital, LocalGlobe, and high-profile individuals like former Google CEO Eric Schmidt.

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