🏆 Deal of the Month · June 2024
Mistral AI raised EUR 600M in a Series B round in June 2024, reaching a post-money valuation of EUR 5.2B. The round drew participation from a broad syndicate of strategic and institutional investors spanning Europe, North America, and Asia. This deal was recognised as Venionaire DealMatrix's Deal of the Month for June 2024.
Mistral AI — key deal facts
| Company | Mistral AI |
| Founded | 2023 |
| Headquarters | Paris, France |
| Amount raised | EUR 600M |
| Valuation | EUR 5.2B |
| Round | Series B |
| Investors | SV Angel, ServiceNow Ventures, Sanabil, Samsung Venture Investment, Salesforce Ventures, NVIDIA, Millennium New Horizons, Lightspeed Venture Partners, Latitude, Korelya Capital, IBM Ventures, Headline, Hanwha Asset Management, General Catalyst, Eurazeo, Cisco Systems, Bpifrance, BNP Paribas, Bertelsmann Investments, Belifus Bank, Andreessen Horowitz |
| Sectors | Artificial Intelligence, Artificial Intelligence (AI), Generative AI, Machine Learning, Natural Language Processing, Software |
Who invested in Mistral AI?
The round included Andreessen Horowitz, General Catalyst, and Lightspeed Venture Partners among its venture backers, alongside strategic corporates such as NVIDIA, Salesforce Ventures, ServiceNow Ventures, Cisco Systems, and IBM Ventures. The investor mix is notable for combining leading US venture capital with major technology platform holders and European institutional capital from Bpifrance, BNP Paribas, Eurazeo, Korelya Capital, and Bertelsmann Investments. The presence of Samsung Venture Investment, Hanwha Asset Management, and Sanabil further broadens the syndicate's geographic reach into Asia and the Middle East.
What does Mistral AI do?
Mistral AI is a French artificial intelligence company founded in April 2023 and headquartered in Paris, France. It was co-founded by Arthur Mensch, Guillaume Lample, and Timothée Lacroix, all former researchers at Google DeepMind and Meta AI. The company develops large language models across open-weight and proprietary tracks; its portfolio includes Mistral Small, Mistral Large, Codestral, Pixtral Large, Mistral OCR, and the Le Chat conversational assistant. Mistral AI's open-source-first positioning differentiates it within the competitive generative AI landscape while its API-delivered frontier models serve enterprise customers.
Mistral AI valuation & multiples
No existing multiples data was supplied for this deal. Once revenue figures become available, EV/Sales and EV/EBITDA multiples can be benchmarked against comparable generative AI and software transactions. Explore Venionaire DealMatrix's Artificial Intelligence and Software sector multiples pages for current valuation reference ranges.
Explore the benchmarks: Series B Machine Learning Software.
Frequently asked questions
How much did Mistral AI raise in its Series B?
Mistral AI raised EUR 600M in its Series B round, closed in June 2024.
What is Mistral AI's valuation?
Mistral AI was valued at EUR 5.2B on a post-money basis following the Series B.
Who invested in Mistral AI?
Notable investors include Andreessen Horowitz, General Catalyst, Lightspeed Venture Partners, NVIDIA, Salesforce Ventures, Cisco Systems, IBM Ventures, Bpifrance, BNP Paribas, Eurazeo, Samsung Venture Investment, Hanwha Asset Management, Sanabil, Korelya Capital, Bertelsmann Investments, ServiceNow Ventures, SV Angel, Millennium New Horizons, Latitude, Headline, and Belifus Bank.
When was Mistral AI founded and where is it based?
Mistral AI was founded in April 2023 and is headquartered in Paris, France.
Source: original announcement — read the full report.