Mistral, a French AI company, has raised €3 billion ($3.5 billion) in its Series D funding round at a post-money valuation of over €21 billion ($24.4 billion).
According to a Tuesday statement, South Korean tech conglomerate Samsung Electronics led the round, alongside co-leads Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity.
Mistral said that the fresh round was the largest equity financing ever completed by a European technology company. The latest funding round nearly doubled its previous post-money valuation of €11.7 billion ($13.6 billion) from its Series C round last year.
The new capital will help Mistral expand its research and scale its compute capacity for training models, the company said.
Founded in 2023, Mistral currently operates in 20 countries and counts Airbus, ASML, and HSBC among its clients. While the company is dwarfed by rivals such as OpenAI and Anthropic, it has positioned itself as a "sovereign, open-weight" AI alternative for Europe.
"Mistral's full-stack and open approach also allows organizations to build on it without exposing their most valuable data, workflows, and institutional knowledge to anyone outside their own walls," the company said in the statement.
Mistral noted that it ensures sovereignty across four dimensions: data that stays inside an organization's boundaries, models that are controllable, compute that's private and predictable, and systems that are auditable.
The company has also been expanding its computing infrastructure. In February, Mistral said that it will invest €1.2 billion ($1.4 billion) in new data centers in Sweden. The following month, the company raised $830 million in debt financing to operate a data center near Paris.