French AI startup Mistral announced Monday that it has secured $830 million in debt to fund thousands of power-powered data centers. Nvidia Chips.
Founded in 2023, Mistral is one of the few European startups building basic AI models and is looking to compete with the likes of OpenAI and Anthropic, albeit with a much smaller war chest.
The company has increasingly focused on investing in the infrastructure needed to power its AI, announcing in February a €1.2 billion plan to build data centers and computing capacity in Sweden.
“Expanding our infrastructure in Europe is critical to empowering our customers and ensuring that AI innovation and autonomy remain at the heart of Europe,” Mistral CEO Arthur Mensch said in a statement.
“We continue to invest in this space given the rapidly increasing and continuing demand from governments, enterprises, and research institutions looking to build their own customized AI environments rather than relying on third-party cloud providers.”
The transaction was supported by a consortium of seven of the world’s top banks, including Bpifrance, BNP Paribas, Crédit Agricole CIB, HSBC, La Banque Postale, MUFG and Natixis CIB.
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