France, Sept. 9 -- Paris-based Mistral AI has achieved Europe's largest fundraising round in artificial intelligence to date, securing €1.7 billion and bringing Dutch semiconductor giant ASML on board as a strategic partner in a deal seen as bolstering Europe's drive for technological sovereignty.

France's homegrown artificial intelligence champion Mistral has cemented its place among Europe's tech leaders, announcing on Tuesday that it has raised €1.7 billion in fresh capital - a record for a French start-up.

The fundraising drive has brought the value of the company to €11.7 billion, almost double its worth just over a year ago.

The deal also brings in a heavyweight new ally - Dutch technology giant ASML, the world'...