French AI Firm Mistral in Talks to Double Valuation with $533M Funding
Mistral, a competitor to OpenAI, is in discussions to raise $533 million, doubling its valuation to $5.3 billion.
The French AI firm aims to double its valuation from the $2 billion it achieved in December 2023, having raised $415 million. Investors in the previous funding round included major venture capitalists such as Andreessen Horowitz (a16z) and LightSpeed Ventures.
If successful, this funding would likely bring Mistral closer to its competitors, such as Google and Microsoft-backed OpenAI. However, the names of the investors engaged by Mistral have not been disclosed to the public, according to the Financial Times.
Once the funding round is completed, the proceeds will be used to acquire the necessary chips for the training and running of Mistral’s AI models.
Mistral is making strides in advancing generative AI by developing various Large Language Models (LLMs), aiming to create humanlike texts and code responses to natural language protocols quickly.
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Mistral’s Le Chat, the free chatbot introduced after its partnership with Microsoft, has a simple question-and-answer interface that understands and can translate three different languages. This functionality is achieved through the presence of three different LLMs, allowing chatbots to provide conversational answers.
Le Chat can even understand questions containing up to 20,000 words in English and is free for use. This design is quite similar to that of ChatGPT, although it is currently not entirely open-source.
Alexander Stefanov
Reporter at CoinsPress
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