Belfius backs Mistral’s €3 billion round

French artificial intelligence company Mistral AI  has raised €3 billion in Series D funding at a post-money valuation of more than €21 billion.

Samsung Electronics led the round, with participation from existing investor Belfius , the Belgian bank-insurer. Other investors included EQT’s Scaleup Europe Fund, PSG Equity, BlackRock, BNP Paribas CIB, Nvidia, Salesforce Ventures and several venture capital firms.

The funding will support Mistral’s research, computing capacity and international expansion. Founded in 2023, the company now operates across 20 countries and works with more than 125 enterprises.

Mistral also has an insurance industry connection through AXA , which uses its models within AXA Secure GPT, the insurer’s internal generative AI platform.