Mistral AI raises $415m: December round-up

As we draw closer to Christmas, corporate venture deals are still getting done, and we’re keeping track.

Our weekly update gives you the total run-down of all the corporate venturing activity from last week, plus our monthly deals tables give you a detailed account of every corporate-backed funding deal that has occurred so far in 2023.

Browse all the corporate-backed deals here.

Funding

Paris-based startup Mistral AI has closed its series A funding round, raising approximately $415m at a valuation of around $2bn. Co-founded by former Google’s DeepMind and Meta employees, the company focuses on generative artificial intelligence with an open and decentralised approach. Mistral AI’s recent model, Mistral 7B, was released as a free download under the Apache 2.0 license. The round had corporate participants including software companies Salesforce and Nvidia, and delivery company CMA-CGM. The company plans to monetise its foundational models through a developer platform, allowing other companies to use Mistral AI’s models via APIs.

See the rest of December’s corporate activity so far.

Bankruptcy

Near Intelligence, a privacy-focused data intelligence company, and its subsidiaries have voluntarily initiated Chapter 11 bankruptcy proceedings in the United States. The company plans to sell its assets through a court-supervised process. Near has secured up to $16m in debtor-in-possession financing from existing lenders. Blue Torch Finance LLC has submitted a binding bid to acquire Near’s assets for at least $50m, serving as a “stalking horse” bidder. The company intends to continue operations during the bankruptcy process and seeks court approval for sale procedures. Investors in Near Intelligence included technology company Cisco and telecoms company Telstra.

Funds

Dutch investment firm Rockstart has launched its second agriculture and food-focused fund, EU-Startups reported last week. AgriFood Fund II will finance early-stage startups focused on the food supply system. Rockstart’s LPs include corporates such Arla Foods, the Denmark-based dairy company, and natural gas supplier Eneco. Read the full story.

Japan-headquartered personal care and beauty company Shiseido has announced the launch of a corporate venture fund. Shiseido Long Term Investments for the Future (LIFT) Ventures will invest in early stage startups in the beauty and wellness industry. 

Climactic, a seed venture firm founded by Josh Felser and ex-Lyft executive Raj Kapoor, has raised $65m for its inaugural fund, with a focus on climate tech. The firm positions itself as a bridge between general tech and climate solutions, emphasising its partners’ startup founder background. Heritage Group, along with other investors, have backed Climactic. The firm, with 13 portfolio companies, aims to contribute to climate solutions through software innovation.

Accelerator

US pre-seed investor Techstars has partnered with Mitsui Fudosan, a Japan-based real estate corporation, and the governmental organisation Japan External Trade Organisation (JETRO) to launch an accelerator. Read the full story.

M&A

This table gives a summary of the M&As that have happened last week.