Mistral AI, a French artificial intelligence startup founded just a year ago by former employees of Meta and Google’s DeepMind, has achieved an impressive
640 million in its Series B round, led by US venture capitalists General Catalyst, with participation from NVIDIA, Salesforce, and Samsung’s investment arms. This brings Mistral AI’s total investment to $1 billion within its first year of operation.
The new funding will be used to expand Mistral AI’s compute capacity and team, accelerating its international commercialization efforts. CEO and co-founder Arthur Mensch expressed his gratitude to investors on X (formerly Twitter), stating, “This will accelerate our roadmap as we continue to bring frontier AI into everyone’s hands.”
Mistral AI aims to compete with established players like OpenAI and Anthropic by developing generative AI models that are open-source and capable of supporting multiple languages. The company differentiates itself by offering integrated, cost-effective model customization on its proprietary platform, enabling users to fine-tune models with minimal expertise and flexible infrastructure options. This approach enhances accessibility and efficiency in AI deployment.
The company’s rapid progress in releasing foundational models within its first year has been crucial in attracting significant investment. Mistral AI has already released several pre-trained and fine-tuned models under open-source licenses. On June 5, 2024, the company announced its fine-tuning API on X, further demonstrating its commitment to making AI accessible to developers.
Mistral AI’s technology has already been adopted by several notable customers, including bank BNP Paribas, telephone network Orange, shipping company CMA CGM, database manager MongoDB, and AI firms Lamini and OctoAI.
As Mistral AI continues to grow and expand its offerings, the company is well-positioned to make a significant impact in the rapidly evolving field of artificial intelligence. With its focus on open-source models, cost-effective customization, and accessibility, Mistral AI is poised to bring the power of AI to a wide range of industries and developers worldwide.
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