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Mistral AI, which offers some open source AI models, has raised significant funding since its creation in 2023, with the ambition to “put frontier AI in the hands of everyone.”
AI Dev Weekly is a Thursday series where I cover the week's most important AI developer news, with my take as someone who actually uses these tools daily. OCR had a week. Mistral dropped OCR 4 with bounding boxes. Baidu open-sourced a model that beats DeepSeek-OCR. Claude got a permanent home inside Slack. And the Fable 5 ban fallout keeps getting uglier: Alibaba was apparently stealing Claude's capabilities, and even the NSA lost access to Mythos. Meanwhile, GPT-5.6 is delayed to mid-July. Let's go. 1. Mistral OCR 4: document AI gets serious Mistral launched OCR 4 this week. It's not just another OCR model. It's a full document understanding system with paragraph-level bounding boxes, confidence scores, and support for 170 languages. The specs: $4 per 1,000 pages (standard), $2 per 1,000 pages (batch) Paragraph-level bounding boxes with coordinates 72% win rate in blind tests against competitors Available on la Plateforme, Microsoft Foundry, and self-hosted for enterprise Top score on OlmOCRBench Why this matters for developers: Bounding boxes change everything. Previous OCR models gave you text. Mistral gives you text + where it is on the page. That unlocks document search, compliance systems, and any workflow where page structure matters. My take: At $4/1000 pages, this is competitive with Google Document AI ($5) and significantly cheaper than building your own pipeline. For enterprise document processing, this is probably the best option right now. For budget-conscious developers, Baidu's free alternative (see below) is worth considering. Full comparison in our Mistral vs DeepSeek vs Baidu breakdown. 2. Baidu open-sources Unlimited-OCR While Mistral went commercial, Baidu went open. Unlimited-OCR is a 3B-parameter MIT-licensed model that processes multi-page PDFs in a single inference pass. Key features: Built on DeepSeek-OCR architecture (SAM+CLIP + DeepSeek-V2 MoE decoder) Reference Sliding Window Attention for memory efficiency on long documents Tables to HTM
The funding round would value the company at around €20 billion (about $23.15 billion), nearly double its Series C valuation of €11.7 billion.