OpenAI, the company behind the trending AI tech GPT and ChatGPT has closed a fresh sale of $300 million shares at a valuation of $27 to $29 billion to a multiple number of venture capitalists. This investment is separate from the multi-billion one made by Microsoft earlier in the year, according to a report by a popular outlet. Sam Altman led OpenAI has seen a surge in interest in its AI business that includes chat, image and speech recognition.
TechCrunch said that it had seen documents that the showed the new backers of OpenAI were big venture capitalist firms including Tiger Global, Sequoia Capital, Andreessen Horowitz (A16Z), Thrive and K2 Global. A source also told the outlet that Founders Fund was also an investor.
In January, the Wall Street Journal had reported that a closing of the tender was in the works. TC said that if the information obtained by them was accurate then the report by the WSJ could be confirmed.
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TC said that they had learned that investors had signed the term sheets and the transfer of money had taken place. What remained was countersigning from OpenAI. The outlet also said that the investment plan would be made public next week and that the VCs are financial backers. A source said that 30 percent of OpenAI was now owned by outside investors.
OpenAI declined to comment on the tender offer.
According to PitchBook data, Peter Thiel, Sequoia, Tiger Global and A16Z were early investors. FoundersFund, K2 (with one partner Ozi Amanat) and Thrive are first time backers of OpenAI.
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OpenAI has been working on Generative Pre-Trained Transformers (GPTs) that have attracted a lot of attention. ChatGTP has gained more than a billion visits to the company’s website in February, according to SimilarWeb. This does not include the users who use ChatGPT through third parties.
OpenAI also released an image-generation tool based on AI. It is called Dall-E. The startup has also worked on Whisper AI, a speech recognition model.
Sam Altman led OpenAI has been an AI tech pioneer. However, Google’s Bard and Meta’s LLaMa are bound to provide competition in the distant future, if not in the immediate future.
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