French AI startup Mistral not for sale, working on IPO: CEO

Investing.com -- Mistral AI, a starring European artificial quality (AI) company, has announced plans for an archetypal nationalist offering (IPO), according to CEO Arthur Mensch. The institution has denied immoderate involvement successful a imaginable sale, focusing alternatively connected its IPO and enlargement plans.

Mensch confirmed the plans for an IPO during an interrogation astatine the World Economic Forum successful Davos connected Tuesday, Bloomberg News reported. He besides revealed that the French AI startup is opening an bureau successful Singapore to ore connected the Asia-Pacific region, bolstering its beingness successful Europe and the US.

Established successful aboriginal 2023, Mistral AI was acceptable up arsenic a European rival to OpenAI. The institution was founded by erstwhile researchers from Google’s DeepMind and Meta Platforms Inc (NASDAQ:). It has since developed a scope of generative AI models, including a diagnostic called Le Chat, which is akin to ChatGPT.

Mistral AI is seen by galore investors arsenic Europe’s apical contender to found a planetary AI player. In the erstwhile year, the institution secured €600 cardinal ($621 million) successful backing from investors specified arsenic General Catalyst, Andreessen Horowitz, and Lightspeed Venture Partners. This concern circular pushed the company's valuation to €5.8 billion.

Mensch has stated that Mistral AI tin run models much cost-effectively than its competitors. The institution aims to cater to European firms acrophobic astir their information being managed by companies extracurricular the European Union. However, it remains smaller than its much heavy funded US competitors.

In comparison, Anthropic, a steadfast backed by Amazon.com Inc (NASDAQ:)., is reportedly successful precocious discussions to rise $2 cardinal astatine a $60 cardinal valuation. In October, OpenAI secured backing of $6.6 billion, astir doubling its valuation to $157 billion.

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