A Milestone in Generative AI Investment: Booming European Startup Mistral AI Raises an Additional €600 million ($640 million)

2 minute read | June.12.2024

Just one year after its founding, fast-growing artificial intelligence startup Mistral AI has raised an additional €600 million (approximately $640 million).

Orrick advised Paris-based Mistral AI in the Series B funding round. Orrick also advised Mistral AI in a €385 million funding round it completed six months ago.

Mistral AI’s valuation has soared to almost €6 billion (just over $6 billion), according to the Financial Times. 

“We are grateful to our new and existing investors for their continued confidence and support for our global expansion,” Mistral AI said


Mistral AI develops models of generative AI for businesses, combining scientific excellence and an open approach.

The company seeks “to make frontier AI ubiquitous” and provide tailor-made AI to builders. 

“This requires fierce independence, strong commitment to open, portable and customizable solutions, and an extreme focus on shipping the most advanced technology in limited time,” Mistral said.

In February, Microsoft announced a multi-year partnership that provided Mistral AI “access to Azure’s cutting-edge AI infrastructure, to accelerate the development and deployment of their next generation large language models (LLMs)” Microsoft said then


The new investments “will accelerate our roadmap as we continue to bring frontier AI into everyone’s hands,” Mistral AI said.

The company completed its €385 million funding round in December 2023, helping to shape the AI revolution from France.

"Since the creation of Mistral AI in May (2023), we have been pursuing a clear trajectory: that of creating a European champion with a global vocation in generative artificial intelligence, based on an open, responsible and decentralised approach to technology,” co-founder and CEO Arthur Mensch said then.


Benjamin Cichostepski led the Orrick team advising Mistral AI. The team also included Samuel Tazartes and Johann Jabes.

In the last 12 months, Orrick has advised on more than 70 M&A deals globally involving AI & Machine Learning companies, as well as on 200+ financings for AI & ML companies and venture investors for a combined value of more than $18B.


Mistral announcement

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