Artificial Intelligence: 3 Companies to Watch in Europe

January 9, 2024

Cutting-edge artificial intelligence (AI) technologies are being developed by numerous creative companies, and they have the potential to completely transform a number of industries and change how humans and machines interact. As AI develops at an astonishing rate, a plethora of new players are making their imprint in the field. This article highlights the transformative potential, creative AI solutions, and audacious ambitions of three of these inventive artificial intelligence companies based in Europe to watch out for. 

Mistral AI

Founded in 2023 by former researchers from Meta and Google, Mistral AI is a Paris-based firm that has successfully raised 385 million euros, or roughly $415 million. The increasing interest in artificial intelligence, especially in AI-powered online chatbots, is reflected in this fundraising round.

Two people with knowledge of the deal claim that this most recent round of fundraising has driven the 22-person company’s valuation to almost $2 billion. Prominent Silicon Valley venture capital firms including Andreessen Horowitz and Lightspeed Venture Partners are among the round’s key investors. In less than six months, the startup’s valuation increased by an astounding seven times. Previously, Mistral AI raised a seed investment of €105 million (about $113 million) valuing the business at about $260 million at the time.

Mistral is an expert in developing technology that lets other businesses use AI-powered solutions such as online instructors, chatbots, search engines, and more. It is one of a small number of businesses committed to creating AI technologies, including several startups and some of the biggest names in the tech sector. These initiatives bear resemblance to the developments at OpenAI, the San Francisco-based startup that last autumn, with the introduction of its ChatGPT chatbot, ignited the AI wave. As a part of this cutting-edge trend, Mistral focuses on AI that could one day rival the technology being created by OpenAI.

Gilion

Gilion, formerly known as ArK Kapital, is a Swedish firm founded in 2021 as a data-driven precision finance company that combines banking and artificial intelligence. Its main goal is to use long-term loans to enable technology companies to grow quickly and intelligently. This strategy minimises investor risks while guaranteeing the founders’ control.

The technology loan company entered into the German market in 2023 and raised its capital reserve to €400 million. This expansion, which comes after it increased its loan capacity to €300 million in the summer of 2022, shows how popular and trusted its financial approach is becoming.

With access to capital up to €10 million, Gilion provides founder-friendly and non-dilutive funding options for tech startups. Their sophisticated growth projection technology, AIM, is an additional source of financial support. 

Helsing

The Swedish defence giant Saab AB was welcomed as a major strategic partner in a round of investment for Helsing, a German defence technology business on 14th September 2023, raising $225.88 million. With this latest funding round, the company has raised a total of $344.71 million.

General Catalyst, a venture capital firm, led the investment round. According to a statement issued by the Berlin-based AI business, Helsing intends to use these funds for future technological investments as well as for expansion throughout France, Germany, and the UK.

Helsing and Saab have already worked together after obtaining a contract from the German Ministry of Defence in June. The goal of this contract is to equip 15 Eurofighters of the Luftwaffe with “cognitive electronic warfare capabilities” that are powered by AI. Furthermore, according to the firm, Helsing has sent employees to Ukraine and is actively supplying technology to aid Ukraine in its war with Russia.

Paul Kwan, Managing Partner of General Catalyst, stressed how important it is that the defence sector around the world appropriately use AI technologies.

Daniel Ek, the founder of Spotify Technology SA, provided the startup capital for Helsing through his investment firm Prima Materia in 2021. Since Russia’s conflict with Ukraine began last year, an increasing number of defence technology firms have seen an increase in funding, Helsing being one of them.

Published on 09-01-2024