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Mistral develops large language models – the technology that underpins AI tools such as ChatGPT – and Mensch believes this could hand the initiative to a continent producing a new wave of fast-moving startups.

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And he has already achieved standing among his peers: he will be attending the global AI safety summit this week with other tech chief executives, world leaders, experts and civil society figures at Bletchley Park in the UK.

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Europe is a world leader in an array of industries from fashion to pharmaceuticals, cars and aerospace, but it has underperformed in tech, despite a skilled workforce, formidable academic talent and the opportunities afforded by the single market.

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Fredrik Cassel is a general partner at Stockholm-based venture capital firm Creandum, which has a record of picking winners, including Spotify, the £24bn music streaming business that is one of the outstanding European tech successes of the past few decades.

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A lot of European venture capital bets have not come off – as is standard in the industry – but Creandum’s instincts on the potential of companies such as buy-now-pay-later firm Klarna and fashion app Depop have been proved right.

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Tom Wehmeier, a partner at Atomico, says the tougher market conditions are due to higher interest rates in response to inflation in Europe and the US, which made it harder for tech firms to raise funds.

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