Mistral in talks with VC firms, MGX to raise funds at $10 billion valuation: Report

French artificial intelligence startup Mistral is in talks with investors, venture capital firms and Abu Dhabi’s MGX to raise $1 billion at a valuation of $10 billion, the Financial Times reported on Friday, citing people familiar with the matter.

The company launched in June Europe’s first AI reasoning model, which uses logical thinking to create a response, as it tries to keep pace with American and Chinese rivals at the forefront of AI development.

The funding would accelerate the commercial rollout of Mistral’s Le Chat chatbot and support continued…