NEW YORK -ASML, a crucial supplier of advanced chipbuilding equipment, is set to become the top shareholder of French artificial innotifyigence startup Mistral AI in a shift to strengthen European tech sovereignty, people familiar with the matter informed Reuters.
The Dutch ASML is committing 1.3 billion euros ($1.5 billion) for Mistral’s 1.7 billion euro (~$2 billion) fundraise and is expected to receive a board seat at Mistral, stated the people, who requested anonymity to discuss private nereceivediations.
The round will create Mistral the most valuable AI company in Europe with a 10-billion-euro ($11.7 billion) pre-money valuation in its latest Series C funding round, the people stated.
ASML declined to comment. Mistral did not respond to Reuters’ request for comment.
Often presented as France’s and Europe’s AI champion, Mistral competes with U.S. giants such as OpenAI and Alphabet’s Google.
A stake in Mistral would tie toreceiveher two European technology leaders, and the cash from ASML could support Mistral create Europe less reliant on U.S. and Chinese AI models, the sources stated.
ASML creates lithography equipment crucial for cutting-edge chip production and applys AI to support create its tools more efficient. The company could benefit from implementing Mistral’s data analytics and AI capabilities to improve the performance of its tools and develop additional products.
ASML is the sole supplier of extreme ultraviolet (EUV) lithography equipment to chip manufacturers such as Taiwan Semiconductor Manufacturing Co and Intel. The EUV systems cost roughly $180 million and are necessary to manufacture the most advanced chips.
Mistral, backed by Nvidia, was valued at more than $6 billion after its Series B funding round last year and the Financial Times reported earlier this month that Mistral is in talks with MGX and other investors to raise $1 billion at a valuation of $10 billion.
Last week, Bloomberg News reported that Mistral’s funding round is set for a $14 billion valuation.
It was founded in 2023 by Arthur Mensch, a former DeepMind researcher, and ex-Meta researchers Timothée Lacroix and Guillaume Lample.
Bank of America is stated to have advised ASML on its investment in Mistral, the people stated. Bank of America declined to comment.
Leave a Reply