Paris-based generative AI startup Mistral AI announced a $3.5 billion Series D funding round, nearly doubling its valuation to over $24 billion, the company said Tuesday. The raise comes almost a year after its $2 billion Series C round, which valued the company at $13.7 billion. Since its 2023 inception, Mistral AI has raised a total of $7.5 billion.
Samsung Electronics led the Series D round, joined by co-leads Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity, according to news.crunchbase.com. Mistral said the new capital will be used to expand frontier research, scale infrastructure, and accelerate commercial growth and international expansion. The company currently operates in 20 countries and serves over 125 global enterprises, including Airbus, ASML, BMW, and HSBC.
Mistral AI is Europe’s highest-valued foundation model company, competing with U.S. firms like OpenAI, Anthropic, and Google in generative AI tasks such as text generation, code writing, and document analysis. The $24 billion valuation places Mistral among seven private frontier AI labs valued above $20 billion globally, with the rest based in the U.S. and China. Unlike many U.S. competitors, Mistral emphasizes greater control for businesses by offering customizable AI models.
Mistral’s latest funding round solidifies its position as a leading European AI startup. The company has raised $7.5 billion since 2023, with the Series D round announced on Tuesday marking its largest to date, according to news.crunchbase.com.