French AI company Mistral AI is holding early talks to raise about 3 billion euros in funding, Bloomberg News reported on Thursday.
The funding round is expected to value Mistral at about 20 billion euros, the report said. That is nearly double its 11.7 billion euros valuation in its Series C round in September last year.
Mistral is one of Europe’s leading AI startups and offers some foundation models with open weights. It also provides closed models tailored to specific uses such as programming, voice cloning and generation, and optical character recognition (OCR).
Mistral has raised about $4 billion so far, far behind U.S. rivals OpenAI ($186 billion) and Anthropic ($161.25 billion). The valuation gap is also large.
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Chi-gyu Hwang
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