Mistral AI raises 1.7 billion euros as ASML becomes its top shareholder

French artificial intelligence startup Mistral AI has raised 1.7 billion euros ($2 billion) in its latest funding round led by Dutch chip equipment maker ASML, the companies said on Tuesday, confirming a Reuters report from Sunday.

ASML is investing 1.3 billion euros in Mistral AI as part of a series C funding round, making it Mistral's main shareholder as it will hold a stake of about 11%.

The latest funding round gives Mistral an 11.7 billion-euro post-money valuation, Mistral said in a statement, becoming the most valuable AI company in Europe.


The deal positions the Dutch chip equipment maker as the top backer of Mistral AI, widely considered one of Europe's best shots at competing with U.S. AI giants such as OpenAI, Meta and Alphabet's Google.

Besides ASML, other investors who joined the fundraising are DST Global, Andreessen Horowitz, Bpifrance, General Catalyst, Index Ventures, Lightspeed and NVIDIA, Mistral said.

ASML will also partner with Mistral to integrate AI models across its semiconductor equipment portfolio and gain a seat on the French startup's strategic committee through finance chief Roger Dassen.