Mistral AI, the European rival to OpenAI, has secured 385 million euros (US$415 million) in a series A round, valuing the Paris-based firm at around US$2 billion.

Led by Andreessen Horowitz, the round saw participation from Salesforce, BNP Paribas, and others. Mistral AI, which developed AI foundation models, has also launched its commercial platform, enabling others to use its models via APIs.

Currency converted from euro to US dollar: US$1 = 0.93 euros.