Four-week-old AI Startup Raises Record $113.3 Million in European Push 23
A French start-up founded four weeks ago by a trio of former Meta and Google artificial intelligence researchers has raised $113.3 million in Europe's largest-ever seed round. From a report: Mistral AI's first round of financing values the Paris-based concern at $259 million, including the funds raised, according to people close to the company. The record amount raised highlights the growing frenzy surrounding AI and Europe's desire to create a viable alternative to Silicon Valley companies such as Microsoft-backed OpenAI and Google's DeepMind.
"There is a rising awareness of the fact that this technology is transformative and Europe needs to do something about it, both as a regulator, as a customer and an investor," said Arthur Mensch, Mistral's chief executive. The former DeepMind researcher founded the start-up with Timothee Lacroix and Guillaume Lample, who both recently left Meta after working at Facebook's parent company for the past few years. [...] Mistral has yet to develop its first product, and its first few employees started work only days ago. It plans to launch early next year a new "large language model," similar to the "generative AI" system that powers OpenAI's breakout ChatGPT app.
"There is a rising awareness of the fact that this technology is transformative and Europe needs to do something about it, both as a regulator, as a customer and an investor," said Arthur Mensch, Mistral's chief executive. The former DeepMind researcher founded the start-up with Timothee Lacroix and Guillaume Lample, who both recently left Meta after working at Facebook's parent company for the past few years. [...] Mistral has yet to develop its first product, and its first few employees started work only days ago. It plans to launch early next year a new "large language model," similar to the "generative AI" system that powers OpenAI's breakout ChatGPT app.