French AI company Mistral said on Tuesday it raised 3 billion euros in a Series D funding round led by Samsung Electronics.

The investment valued Mistral at more than 21 billion euros. EQT’s Scaleup Europe Fund and existing investor PSG Equity joined as co-lead investors.

Advent, BlackRock-managed funds and accounts, and the Grand Duchy of Luxembourg joined as new investors. Existing investors including a16z, ASML, Bpifrance, DST Global, General Catalyst, Nvidia and Salesforce Ventures also took part.

Mistral plans to use the funds for AI model research and development and expanding computing infrastructure, as well as product development and global business expansion.

Mistral is developing open-weight AI models that companies and public institutions can build and modify in their own environments. It is pursuing a full-stack strategy that provides not only models but also the computing infrastructure to run them and enterprise products.

The company said it operates in 20 countries worldwide and has more than 125 companies as customers, including Airbus, ASML and HSBC.

Arthur Mensch (아르튀르 멘쉬), Mistral co-founder and chief executive officer, said, "With this fundraising, we will increase investment in R&D, products and infrastructure and support companies and institutions so they can run AI in their own environments."