French start-up Mistral AI has raised €385 million ($414 million) in funding, making it one of Europe’s leading artificial intelligence (AI) companies. Mistral AI, founded in May, has now raised a total of €490 million. The latest funding round was led by Californian fund Andreessen Horowitz and values the company at €2 billion. Mistral AI offers open-source language models for companies using public data and has gained support from tech giants including Salesforce and Nvidia. The emergence of European AI players coincides with the European Union’s efforts to regulate the sector while encouraging innovation.