French AI startup Mistral is seeking $1 billion in funding at a $10 billion valuation, with talks ongoing with investors and Abu Dhabi’s MGX. The company recently launched Europe’s first AI reasoning model to compete with American and Chinese rivals.

The funding would accelerate Mistral’s Le Chat chatbot rollout and further develop its language models. The startup previously raised 600 million euros and is seen as Europe’s top AI company, though lacking market traction compared to Silicon Valley leaders.

Investors include Nvidia, Andreessen Horowitz, and Lightspeed Venture Partners. MGX and Mistral have not commented on the potential funding. Mistral aims to stay competitive in the fast-evolving AI landscape.

Read more at Yahoo Finance.: Mistral in talks with VC firms, MGX to raise funds at $10 billion valuation, FT reports