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ASML to Become Top Shareholder in Mistral AI With $1.5B Investment

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ASML, the Dutch maker of cutting-edge chipmaking equipment, will become the top shareholder in French startup Mistral AI after leading its latest €1.7 billion (~$2B) Series C funding round, sources told Reuters. ASML is committing €1.3 billion ($1.5 billion), securing a board seat at Mistral in the process.

The funding values Mistral at €10 billion ($11.7 billion) pre-money, making it the most valuable AI company in Europe. The deal underscores Europe’s push for technological sovereignty, reducing reliance on U.S. and Chinese AI models.

Founded in 2023 by Arthur Mensch (ex-DeepMind) along with Timothée Lacroix and Guillaume Lample (ex-Meta), Mistral has quickly positioned itself as Europe’s AI champion, competing with giants like OpenAI and Google. It was last valued above $6 billion in 2023 and has backing from Nvidia.

ASML, the sole supplier of extreme ultraviolet (EUV) lithography machines—vital for advanced chipmaking by firms like TSMC and Intel—could integrate Mistral’s AI-driven data analytics to improve its €180 million EUV systems. The partnership could bolster both firms: Mistral gains capital and industrial ties, while ASML sharpens its AI-enabled chipmaking capabilities.

The move highlights a rare strategic alignment of two European tech powerhouses. By tying together semiconductor infrastructure and AI model development, the partnership signals Europe’s intent to carve out a sovereign AI ecosystem in a field dominated by U.S. and Chinese players.

AI Startup Cohere Valued at $6.8 Billion in Latest Fundraising, Hires Meta Exec

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Canadian AI startup Cohere raised $500 million in its latest funding round, pushing its valuation to $6.8 billion as it targets enterprise AI expansion. The round was led by Radical Ventures and Inovia Capital, with participation from AMD Ventures, Nvidia (NVDA.O), PSP Investments, Salesforce Ventures, and other existing investors.

Unlike broad AI models from OpenAI or Meta’s Llama, Cohere focuses on enterprise-specific AI solutions. Co-founder Nick Frosst said the new funding will help the company expand globally, explore different AI modalities—including its recently launched Command Vision model—and continue building secure AI tools for businesses.

Cohere also appointed two senior executives: Joelle Pineau, former VP of AI Research at Meta (META.O), as chief AI officer, and Francois Chadwick, ex-Uber and Shield AI executive, as chief financial officer. Pineau led Meta’s Fundamental AI Research group until May 2025.

Earlier this year, Cohere launched North, a ChatGPT-style tool designed to assist knowledge workers with tasks like document summarization. The company plans to use the funding to develop agentic AI aimed at improving operational efficiency for businesses and government agencies.

The fundraising comes amid a broader surge in AI investment, with private equity firms and Big Tech pouring capital into startups to capture returns from innovative AI technologies.

AI Startup Clay Valued at $3.1 Billion in Latest Fundraise Amid AI Investment Boom

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AI startup Clay’s valuation more than doubled in roughly three months, reaching $3.1 billion in its latest funding round as investor appetite for artificial intelligence companies remains strong.

Clay offers an AI-driven platform designed to automate sales and marketing operations, with notable clients including Google and Reddit. The company raised $100 million in this round, led by CapitalG, Alphabet’s (GOOGL.O) independent growth fund. Around three months ago, Clay’s valuation stood at $1.5 billion, based on an employee tender offer.

The surge in Clay’s valuation coincides with a broader surge in dealmaking, with investment activity in AI hitting its highest level since the pandemic-era peak in 2021. Big Tech’s recent earnings reports highlighted AI as a key growth driver across internet search, digital advertising, and cloud services.

Clay plans to use the new funding to accelerate product development. Co-founder Kareem Amin told Reuters that upcoming tools will enable clients to analyze data such as sales tickets and video calls with potential customers. The company is also developing a “signals” product aimed at providing sales representatives with insights on the optimal timing to contact potential leads.

Existing investors including Sequoia, Meritech Capital, and First Round Capital also participated in the round.