Mistral AI, the Paris-based startup building foundational open source AI models, has raised a €1.7bn Series C at an €11.7bn post-money valuation, confirming previous reports.
It brings total funding raised by the company to nearly €2.8bn since it launched in 2023 and makes Mistral one of Europe’s most valuable private tech companies.
The round was led by Dutch semiconductor equipment manufacturer ASML, which was previously reported to be investing €1.3bn as part of the fundraise.
The Series C also included participation from existing investors DST Global, Andreessen Horowitz, General Catalyst, Index Ventures and Lightspeed, as well as chip giant Nvidia and French public bank Bpifrance.
ASML makes components called lithography machines, which are essential in chip manufacturing. “The collaboration… aims to generate clear benefits for ASML customers through innovative products and solutions enabled by AI, and will offer potential for joint research to address future opportunities,” said ASML CEO Christophe Fouquet in a press release.
Mistral, which was founded in 2023 by DeepMind and Meta alumni, originally launched to build AI models similar to those powering OpenAI’s ChatGPT and Meta’s Llama. Earlier this year, the company also expanded into AI infrastructure via a compute platform it is developing in partnership with Nvidia to provide cloud services to its customers.
The startup says it has generated €1.4bn in total contract value (TCV) since launch — which includes both revenues secured and revenues to come — from over 100 customers, which represents an annual contract value (ACV) of €312m. This figure is different from annual recurring revenues (ARR), which reflect revenues secured to date.
