Mistral Pitch Deck To Raise €105M in Seed Funding For GenAI
Company Background:
The Paris-based AI startup Mistral has made headlines by securing €105m in funding just four weeks after its inception, despite not having a product. This event has divided opinions, with some viewing it as a significant achievement for European technology, while others interpret it as a symptom of excessive enthusiasm in AI. Remarkably, Mistral’s fundraising strategy did not involve a traditional pitch deck; instead, they followed the examples of Rippling and Airbase by using a straightforward memo on Google Docs.
Their memo highlighted two key arguments:
- Europe lacks a major player in the development of foundational models, a gap Mistral aims to fill, addressing what they consider a critical geopolitical issue.
- Their commitment to an open-source framework promises to facilitate the creation of superior and more efficient products, contrasting with OpenAI’s closed system.
Mistral’s funding round attracted prominent investors such as Lightspeed Ventures, French tycoon Xavier Niel, and Eric Schmidt, the ex-CEO of Google.
Business Model & Funding Summary:
- Industry: AI
- Business model: SaaS, B2B
- Year: 2023
- Amount raised: €105M
- Stage: Seed
0 Comments