AMSTERDAM (Reuters) – French artificial intelligence startup Mistral AI has raised 1.7 billion euros ($2 billion) in its latest funding round led by Dutch chip equipment maker ASML, the companies said on Tuesday, confirming a Reuters report from Sunday.

ASML is investing 1.3 billion euros in Mistral AI as part of a series C funding round, making it Mistral’s main shareholder as it will hold a stake of about 11%.

The latest funding round gives Mistral an 11.7 billion-euro post-money valuation, Mistral said in a statement, becoming the most valuable AI company in Europe.

The deal positions the Dutch chip equipment maker as the top backer of Mistral AI, widely considered one of Europe’s best shots at competing with U.S. AI giants such as OpenAI, Meta and Alphabet’s Google.

Besides ASML, o

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