New AI Startup Mistral AI Raises $113 Million in Seed Funding, Valued at $260 Million

New AI Startup Mistral AI Raises $113 Million in Seed Funding, Valued at $260 Million

Mistral AI, a new artificial intelligence (AI) startup and a competitor to OpenAI, has successfully raised $113 million in seed funding, propelling its valuation to $260 million within just two months of its launch.

Co-founded by former AI researchers from Google DeepMind and Meta, Mistral AI aims to develop open-source generative AI models. Arthur Mensch, the CEO and co-founder of the company, expressed his excitement about the funding round, stating that it will provide the necessary resources and network to roll out a groundbreaking new model of generative artificial intelligence.

Prior to co-founding Mistral AI, Mensch served as a research scientist at Google DeepMind. The other co-founders, Timothee Lacroix and Guillaume Lample, previously held positions at Facebook AI as a research engineer and research scientist, respectively.

Lightspeed Venture Partners led the funding round, with participation from JCDecaux, Rodolphe Saadé, Motier Ventures, and other investors. Based in Paris, the trio will oversee the company’s operations and plans to release their first text-based generative AI models in 2024.

Mistral AI is currently in a hiring phase and actively seeking talented individuals in the fields of AI research, software engineering, and product development. As of now, the company does not have a social media presence.

In related news, Sam Altman, the CEO of OpenAI, recently met with South Korean President Yoon Suk Yeol and advocated for South Korea to take a leading role in the manufacturing of AI technology chips. Altman disclosed the potential future need for an alternative supply of chips from South Korea, as OpenAI currently relies on chips from Taiwan.