Mistral AI raises Series C, ASML becomes top shareholder
ASML has invested €1.3 billion in Mistral’s Series C funding round as the lead investor. This has resulted in ASML holding an approximate 11% share on a fully diluted basis in Mistral AI. The total funding for the Series C round totals €1.7 billion, at a €11.7 billion post-money valuation.
ASML and French AI startup Mistral AI have now strategically partnered, based on a long-term collaboration agreement to explore the use of AI models across ASML’s product portfolio as well as research, development and operations, to benefit ASML customers with faster time to market and higher performance holistic lithography systems.
Existing investors in Mistral AI also joined the Series C round, including DST Global, Andreessen Horowitz, Bpifrance, General Catalyst, Index Ventures, Lightspeed, and NVIDIA.
ASML believes that its collaboration with Mistral AI creates an opportunity for both companies to accelerate innovation. This partnership, the first between a semiconductor equipment manufacturer and an AI company, brings together distinct strengths: ASML’s expertise in holistic lithography products and services, and Mistral AI’s capabilities in artificial intelligence.
As part of its investment, ASML gains a seat on Mistral AI’s Strategic Committee, giving it an advisory role in shaping the company’s technology and strategic direction. Roger Dassen, ASML’s Chief Financial Officer, assumes this role alongside his current responsibilities.
“The collaboration between Mistral AI and ASML aims to generate clear benefits for ASML customers through innovative products and solutions enabled by AI, and will offer potential for joint research to address future opportunities,” said Christophe Fouquet, ASML President and Chief Executive Officer. “We believe that this strategic partnership with Mistral AI, which goes beyond a traditional vendor-client relationship, is the best way to capture this significant opportunity. We also believe that this collaboration is value enhancing to Mistral AI.”
“We are proud to engage in this long-term partnership with ASML, combining our frontier AI expertise with ASML’s unmatched industrial leadership and most sophisticated engineering capabilities. We believe this partnership will strengthen Mistral AI’s proposition, position, and value in the AI market,” said Arthur Mensch, Co-Founder and CEO, Mistral. “Together, we will accelerate technological progress across the global semiconductor and AI value chain."
For more startup news, check out the other articles on the website, and subscribe to the magazine for free. Listen to The Cereal Entrepreneur podcast for more interviews with entrepreneurs and big-hitters in the startup ecosystem.
