Mistral AI, a European AI startup founded by ex-Google DeepMind and Meta researchers, is working toward an IPO, according to CEO Arthur Mensch.

It also plans to open an office in Singapore to expand into the Asia-Pacific market.

Founded in early 2023, Mistral has launched generative AI products, including a feature similar to ChatGPT called Le Chat.

In 2023, Mistral raised 600 million euros (US$621 million) from investors, including General Catalyst, Andreessen Horowitz, and Lightspeed Venture Partners.

Mensch highlighted the company’s ability to run AI models more affordably than rivals, with a focus on appealing to European firms concerned about data privacy.