Mistral, a major competitor of OpenAI, is once again in talks with prospective investors regarding securing $533 million in funding. This investment round is expected to increase the company’s evaluation to an impressive $5.3 billion.
Mistral Seek to Double its Valuation
Obtaining this investment will allow the AI company based in France to more than double its current valuation, which was $2 billion after raising $415 million in December 2023 with contributions from notable venture capitalists such as Andreessen Horowitz (a16z) and LightSpeed Ventures.
Currently, Mistral’s $2 billion valuation places it among the leading AI companies, including OpenAI, which is backed by Google and Microsoft. This potential new funding could narrow the gap between Mistral and its competitors. As of now, the identities of the investors Mistral is in talks with remain undisclosed to the public, according to Financial Times reports.
Some investors have shown interest and may eventually invest fully in Mistral’s new fundraising round. This interest indicates a growing trend among investors to allocate more resources towards artificial intelligence projects.
Once we secure funding, the funds raised will be used to purchase chips essential for both training and operating Mistral’s artificial intelligence models.
Mistral Responds To OpenAI’s ChatGPT With Le Chat
Similar to other companies, Mistral is making efforts to progress generative AI by developing various Large Language Models (LLMs). Their aim is to produce text that resembles human writing and generate code in response to natural language queries in a brief amount of time.
Using advanced technology and rapid expansion, Mistral has been developing products that challenge OpenAI. One such product is Le Chat, a free chatbot launched following Mistral’s collaboration with Microsoft.
Le Chat boasts a user-friendly question-and-answer system capable of comprehending and translating among three distinct languages. We attribute this ability to the inclusion of three separate Language Model Modules (LLMs) in its design, acting as data reservoirs that facilitate conversational responses.
This model is capable of processing and responding to questions with up to 20,000 words in English, which is quite an extensive length, all while being free for use. Its design shares many similarities with ChatGPT, but it’s important to note that its source code isn’t completely open-access at the moment.
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2024-04-20 03:39