French AI company Pigment, which competes with Microsoft’s Excel and PowerPoint, raised $250 million in a funding round valuing it at $2.3 billion, according to Bloomberg. The financing is set to be announced Tuesday.

The Scaleup Europe Fund led the round, with participation from Nvidia Corp., World Innovation Lab, a US- and Japan-based fund, and existing investors Iconiq, IVP and Meritech.