French artificial intelligence company Mistral has raised €3 billion ($3.48bn) in a Series D funding round, giving it a post-money valuation of €21bn ($24.4bn).

Samsung Electronics led the round, which was the largest equity fundraising round ever completed by a European technology company.

The investment also included co-leads Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity. Mistral said that the funds will be used to help expand its compute training footprint, as well as international inference footprint. The company in July signed a multi-billion dollar deal with Microsoft for compute across Europe, featuring Nvidia Vera Rubin GPUs. It also leases space at a data center in Bruyères-le-Châtel, south of Paris, which is owned and run by French data center firm Eclairion.

In March, the company raised $830 million in debt financing to fund the purchase of 13,800 Nvidia GB300 GPUs for the facility. In May, it announced plans to deploy at Digital Realty's Paris South facility. Mistral is additionally planning a €1.2bn ($1.42bn) data center at EcoDataCenter’s Borlänge site.