Samsung Electronics (KRX:005930) led the latest funding round amounting to 3 billion euros of private technology company Mistral, which boosted its valuation to 21 billion euros, according to a Tuesday release.

The funding round marks the largest equity fundraising recorded by a European technology company. Other co-leads in the round include Scaleup Europe Fund and PSG Equity.

The company will use proceeds from the round to grow its frontier research by scaling its computer capacity for training powerful models, boosting infrastructure, and accelerating its commercial growth and international network.