French AI startup Mistral AI raises $650 million to ‘push the frontier of AI,’ tripling its valuation to $6 billion

French AI startup Mistral AI has raised 600 million euros ($643.7 million) in a Series B funding round led by existing investor General Catalyst, almost tripling its valuation to 5.8 billion euros, a big increase from its 2 billion euros valuation during its December funding round.

This round, which brings the AI startup’s total funding to more than 1 billion euros, also included participation from investors including Lightspeed, Andreessen Horowitz, Cisco Systems (CSCO.O), and Nvidia. Mistral said it will use the latest funding to boost computing capacity, hire new talent, and expand its international footprint, with a particular focus on the U.S. market.

The latest funding news comes less than a month after The Information reported that the Microsoft-backed tech startup was in talks to raise several hundred million dollars at a valuation of $5 billion.

Founded in 2023 by Arthur Mensch (CEO), Guillaume Lample, and Timothee Lacroix, Mistral’s meteoric rise reflects its steadfast commitment to pushing the boundaries of AI innovation. As the company steers toward fully operational status in early 2024, the winds of change continue to propel Mistral toward its lofty aspirations in the AI domain.

“This new round puts us in a unique position to push the frontier of AI and bring state-of-the-art technology to everyone’s hands. It guarantees the company’s continued independence, which remains fully under the founders’ control,” co-founder and CEO Arthur Mensch said.