2025-01-21 16:30:38 :
(Bloomberg) — European artificial intelligence champion Mistral AI CEO Arthur Mensch said the company is “not for sale” but is working toward an initial public offering.
“Of course, that’s the plan,” Mensch said on Bloomberg Television on Tuesday when asked about a possible IPO for the French artificial intelligence startup. Mensch said in an interview at the World Economic Forum in Davos that Mistral is opening an office in Singapore with a focus on the Asia-Pacific region and growing in Europe and the United States.
Mistral was launched in early 2023 by former researchers from Google DeepMind and Meta Platforms Inc as a European competitor to OpenAI. It has released a series of generative AI models, including a ChatGPT-like feature called Le Chat.
Many investors consider Mistral to be Europe’s best choice for creating a global artificial intelligence company. Last year, the company raised 600 million euros ($621 million) from investors including General Catalyst, Andreessen Horowitz and Lightspeed Venture Partners, valuing it at 5.8 billion euros, according to Bloomberg.
Mensch believes Mistral can run models cheaper than rivals and that it will target European companies concerned about their data being processed by companies outside the EU. Still, the company pales in comparison to its well-funded U.S. rivals.
Amazon.com Inc-backed company Anthropic is in advanced talks to raise $2 billion at a $60 billion valuation, Bloomberg reported earlier this month. In October, OpenAI raised $6.6 billion, nearly doubling its valuation to $157 billion.
“Startups are always raising money, but we have a lot of money,” Mensch said when asked about fundraising. Scaling up to compete with larger rivals may require new funding, he added.
—With assistance from Caroline Konnan.
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