Mistral confirms €3bn Series D at €21bn valuation

Paris, September 8 - France's Mistral AI has successfully raised €3 billion in a significant equity funding round, marking the largest private equity financing by a European technology firm. The company, valued at approximately €21 billion ($24 billion), announced that leading investors in this round include PSG Equity, Samsung Electronics from South Korea, and the EU-backed Scaleup Europe Fund, which are all making their first investments in Mistral.

This funding makes Mistral Europe's second-highest-valued private technology group and the fastest-growing company on the continent, according to CFO Johan Bergqvist. The funds will be dedicated towards enhancing Mistral's AI models and investing in cutting-edge research to compete with larger global players.

Acknowledging the growing importance of technological independence for Europe, Bergqvist emphasized that Mistral is well-positioned to address this need. He noted that the company's open models, allowing customers to download and customize them on their own servers, provide an advantage in maintaining access to AI solutions, especially in an era where geopolitical factors can affect supply chains.

Although Mistral is currently on track to achieve $1 billion in annual recurring revenue by year-end, with a diverse client base expanding into Asia and North America, the company has not yet discussed plans for an initial public offering (IPO), stating that such a decision remains a future consideration.