Based on the data, it is evident that Europe has not been the epicenter for the surge in investment in AI startups. Nevertheless, a considerable portion of financing is still going to European IT clusters.

This week saw a significant increase in investment totals as rivals to Anthropic and OpenAI, Mistral AI, based in Paris, completed a substantial $487 million funding round. It was reported that the company would be valued at $2 billion after the funding spearheaded by Andreessen Horowitz.

Mistral AI now ranks first among the most heavily funded generative AI firms in Europe as a result of the funding round. It is by no means the only business in the area to have secured a substantial amount of venture capital, though.

Using information from , which it has compiled a list of sixteen companies that have recently raised capital. The companies on this list have generated more than $1 billion in revenue to far, including services like fraud detection and text-to-video synthesis.

Additional European AI unicorn club members

The next biggest fundraiser on our list, after Mistral, is Synthesia, a London-based company that creates AI-enabled software with the claim to “turn your text into video in minutes.” At a rumored $1 billion valuation, the 6-year-old company secured $90 million in a June Series C funding led by Accel.

Despite its pitch, Synthesia doesn’t seem to be targeting the Hollywood market. Instead, the company focuses on providing tools that help companies quickly and affordably create sales presentations, training sessions, and other types of material that can be creatively packaged using an AI-generated avatar.

Another venture capitalist favorite from the previous year was London-based Stability AI, which raised $101 million at a rumored $1 billion value. With the money, the company has been creating open-source sound and image generation tools, such as Stable Diffusion XL and Stable Audio.

However, Stability has lately made headlines again, with reports stating that the company has considered selling itself as investors put pressure on management over the company’s finances. Intel recently gave Stability $50 million last month.

Other undertakings

Beyond the unicorn crowd, IDVerse, which uses generative AI for fraud detection and identity verification, is another significant fundraiser. The London-based business has secured $45 million in Series A and B funding thus far.

Oxford-based Diffblue has raised $36 million so far for AI tools that would enable programmers to work more rapidly and precisely. Additionally, Haiper, a company developing AI-powered content creation tools, raised $13.8 million in a funding in March.

Overall, the totals from Europe are not even close to what is happening on this side of the Atlantic. One American business, OpenAI, has raised many times as much money as all of the AI firms in Europe put together.

But maybe Mistral AI’s massive fundraising effort is a sign of things to come.