Dutch chip equipment maker ASML has invested 1.3 billion euros ($1.5 billion) in French artificial intelligence startup Mistral AI, becoming the major shareholder with an 11% stake, Reuters reported.
On Tuesday, September 9, Mistral AI raised a total of 1.7 billion euros ($2 billion) in its latest funding round, and ASML is currently the largest investor in the French artificial intelligence startup.
Reuters reported that the investment will significantly boost Europe’s AI ambitions, and the latest funding round values Mistral at 11.7 billion euros ($13.7 billion), making it the most valuable AI company in Europe.
ASML has partnered with Mistral to integrate artificial intelligence models across its semiconductor equipment portfolio, according to Reuters. Notably, the partnership will also see ASML’s Chief Financial Officer (CFO), Roger Dassen, gain a board seat on the French artificial intelligence startup’s strategic committee.
Mistral, founded in 2023 by Arthur Mensch, a former researcher at Google DeepMind, and Guillaume Lample and Timothée Lacroix, two former researchers at Meta AI, has established itself as Europe’s AI alternative to the US and is central to France’s strategy to become a leading AI competitor.
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However, France-based Mistral lags far behind US AI companies in terms of valuation. OpenAI is more than 40 times Mistral’s valuation.
This article includes reporting from Reuters.