Mega deal: Mistral buys Linz-based AI start-up

The 2024 as a spin-off of the Linz Johannes Kepler University (JKU) founded companies developed AI-supported simulation models for workflows in the Energy, automotive, semiconductor and aerospace industries. Work is being done on real-time stabilization of power grids, as well as simulations of manufacturing processes and safety tests for vehicles. With AI, such simulations that once took days or weeks can be created in just a few seconds.

The team of more than 30 researchers and engineers will be integrated into the French group in May, according to a statement from the two companies.

European AI leader

The takeover will consolidate Mistral’s leading position in the field of industrial AI and will drive innovation, says Mistral’s boss Arthur Mensch quoted. His company is a leader in the field of large language models in Europe and competes with US giants such as OpenAI and Anthropic.

The company’s technology is also used in industrial applications, for example at the car company Stellantis, the drone manufacturer Helsing or the machine manufacturer for the chip industry ASML. After the latest round of financing, the start-up, founded in Paris in 2023, was raised with around 13 billion euros valued, making it the most valuable technology company in Europe.

Integration into Mistral’s AI ecosystem creates the conditions for the development and construction of the next generation of aircraft, vehicles and semiconductors, said Johannes Brandstetterwho co-founded Emmi AI and works as a professor at the Institute for Machine Learning at the JKU.

Emmi AI raised one of the largest Austrian start-up financings last year 15 million euros from investors. Including the Vienna venture capital funds 3VC and Speed Investwho each hold a little more than 11 percent of the company. Further shares are attributed in the company register to the founders Johannes Brandstetter and Dennis Just – around 21.7 percent each – and Miks Mikelson (6.7 percent). The Linz-based AI pioneer also holds more than 16 percent Sepp Hochreiter founded companies NXAIfrom whose research group “AI4Simulation” Emmi AI emerged. The industrialist and former KTM boss is also at NXAI Stefan Pierer involved through Pierer Digital Holding.

AI location Linz

With the takeover, Linz will now also become the location of the French AI group. It is said that the number of employees will be expanded from 30 to 50 people.