Austria: Schoenherr advises VC investors in Emmi AI on landmark exit to Mistral AI

The VC investors received legal advice from Schoenherr on all aspects of the transaction. It marks one of the largest exits in the history of the Austrian start-up ecosystem and follows Emmi AI's record-breaking EUR 15m seed financing round in April 2025. Following closing, the entire Emmi AI team – comprising more than 30 highly specialised researchers and engineers – will be integrated into Mistral AI's science and applied AI units. Linz will also become an official Mistral AI location alongside Paris, London, Amsterdam, Munich, San Francisco and Singapore.

"We are delighted to have supported the investors on this landmark transaction involving one of Austria's most exciting AI companies," said Schoenherr Partner Thomas Kulnigg. "The transaction highlights the growing international relevance of Austria's AI ecosystem and demonstrates the significant value creation potential of deep-tech ventures originating from the region."

Founded in Linz in December 2024 as a spin-off from Johannes Kepler University (JKU) and the NXAI ecosystem around Sepp Hochreiter, Emmi AI specialises in "Physics AI" – artificial intelligence models capable of accelerating industrial simulations and engineering processes in sectors such as energy, automotive, semiconductors and aerospace.

Mistral AI, founded in Paris in 2023, is one of Europe's leading artificial intelligence companies. By acquiring Emmi AI, Mistral AI aims to strengthen its position in industrial AI while further expanding its footprint across Europe.

The Schoenherr team advising the VC investors was led by Thomas Kulnigg (Partner) and further included Marco Thorbauer (Partner), Dominik Tyrybon (Attorney at Law), Nikolaus Vetter (Associate), Sarah Dräxler (Associate) and Rainer Borns (Associate).

DORDA advised the founders and the company. Puttinger Vogl Rechtsanwälte and Oberhammer Rechtsanwälte advised NXAI. Jeantet advised the shareholders on matters of French law. Wolf Theiss, Binder Grösswang and Squadra Avocats advised Mistral AI.