Paris [France], September 8 : French artificial intelligence company Mistral AI has raised €3 billion (about USD 3.49 billion) in a Series D funding round at a post-money valuation of more than €21 billion (about USD 24.4 billion), making it the largest equity fundraising round ever completed by a European technology company, the company said.
The round, announced three years after Mistral's launch, was led by Samsung Electronics and co-led by EQT's Scaleup Europe Fund and existing investor PSG Equity. Existing investors including ASML, NVIDIA and BNP Paribas CIB also participated.
Mistral said the funding will support the expansion of its frontier research and model development, while increasing its computing capacity, infrastructure and product capabilities. The company also plans to use the funds to accelerate its commercial growth and international expansion.
“Today marks a major step for Mistral: we’re announcing a €3B [about USD 3.49 billion] Series D, the largest equity round ever raised by a European tech company, just three years after launch,” the company said in a post on X.
Mistral currently operates across 20 countries and supports more than 125 global enterprises in their AI transformation, including Airbus, ASML and HSBC, according to the company.
The company said demand is increasingly shifting towards AI systems that can deliver performance while giving organisations and governments greater control over infrastructure, data and deployment.
Mistral said its approach combines open-weight models, infrastructure, computing capacity and products in what it describes as a full-stack AI offering. It said this is designed to allow customers to retain control over their data, models, computing resources and production systems.
The latest funding round brings together strategic and financial investors from Europe, Asia and North America. New investors include Advent, funds and accounts managed by BlackRock and the Grand Duchy of Luxembourg.
Mistral said the latest funding will allow it to scale compute capacity for training powerful models, expand infrastructure and accelerate its international footprint, while continuing to invest in frontier research.