French AI lab Mistral is gearing up for an initial public offering (IPO) while expanding its footprint in the Asia-Pacific region and Europe.
Co-founder and CEO Arthur Mensch told Bloomberg at the World Economic Forum in Davos that the company is “not for sale.”
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As part of its expansion strategy, Mistral plans to establish an office in Singapore to strengthen its presence in the Asia-Pacific region.
The French company has been the subject of acquisition rumours, particularly regarding Microsoft, which invested €15m ($15.6m) in the startup.
However, Mensch clarified that an IPO remains the primary goal.
Despite the speculation, Mistral is not currently seeking additional funding, as it possesses “plenty” of capital.
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By GlobalDataThe company was founded in April 2023 by Mensch and former researchers from Google’s DeepMind and Meta.
Since then, “the rate of growth has been quite tremendous,” Mensch added.
Mistral’s AI models and services rival those of US incumbents such as OpenAI, including a platform similar to ChatGPT called Le Chat.
The startup has raised approximately $1.14bn from investors such as Andreessen Horowitz, General Catalyst, and Lightspeed Venture Partners, with a reported valuation of around $6bn.
In March 2024, Mistral AI and Snowflake partnered to bring large language models (LLMs) to its users.
This partnership will parallel a multi-year investment into Mistral AI from Snowflake Ventures, Snowflake’s investment company.
In February 2024, Mistral also released Mistral Large, its new language model designed for advanced text generation, available through la Plateforme and Microsoft Azure.
A text generation model, Mistral Large is said to have improved reasoning capabilities, making it suitable for complex multilingual tasks such as text understanding, transformation, and code generation.
