Ex-Meta and Google researchers’ AI startup raised $113M in seed funding.

Just two months after its launch, a new startup in the field of artificial intelligence (AI) and a competitor to ChatGPT creator, OpenAI, has raised $113 million in seed funding, which has brought its valuation to $260 million. The co-founders of Mistral AI, which include former AI researchers from Google DeepMind and Meta, are developing open-source generative AI models. The company’s CEO, Arthur Mensch, said that this first round of funding “will give us the resources and network we need to start rolling out a new model of generative artificial intelligence.”

Before co-founding Mistral AI, Mensch was a research scientist at Google Deep Mind. The other two co-founders, Timothee Lacroix and Guillaume Lample, worked at Facebook AI as a research engineer and research scientist respectively.

The funding round was led by Lightspeed Venture Partners, with participation from JCDecaux, Rodolphe Saadé, and Motier Ventures, among others. The company will be run by the trio from Paris and is planning to release its first models for text-based generative AI in 2024.

Mistral AI is currently on a hiring spree, looking for AI researchers, software engineers, and product developers. As of now, the company has no social media presence.

In other news related to AI, Sam Altman, the CEO of OpenAI, recently met with South Korean President Yoon Suk Yeol and urged the country to lead the manufacturing of chips needed for AI technology. Currently, OpenAI uses chips from Taiwan, but Altman has disclosed the possible need for an alternative supply of chips from South Korea in the future.

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