OpenAI Closes $300 Million Share Sale at $27-29 Billion Valuation

OpenAI is a private research and deployment company that develops and directs artificial intelligence in ways that benefit humanity as a whole. Originally, the company focused on developing AI and machine learning tools for video games and other recreational purposes. Less than a year after its official founding, OpenAI released its first AI offering, an open-source toolkit for developing reinforcement learning algorithms called OpenAI Gym. Later, OpenAI focused on more general AI development and AI research. The company intends to ensure that artificial general intelligence – AI systems benefit all of humanity.

OpenAI has attracted new investors who have raised $300 million for the most popular generative AI firm, putting its valuation at around $29 billion. The investment was made by a list of Venture Capital firms that bought shares in the AI tech company. Among the Venture Capital firms are Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive, and K2 Global.

OpenAI, San Francisco, United States, was founded in 2015 by Sam Altman, Ilya Sutskever, Greg Brockman, Wojciech Zaremba, Elon Musk, John Schulman, and Andrej Karpathy. OpenAI released the generative AI service ChatGPT at the end of November 2022. ChatGPT has been a certifiable hit, with more than 1 billion visitors to its website in February not including those using that tech via third parties.

Previous Post

Xpressbees Raises $40 Million at $1.2 Billion Valuation

Next Post

Zipline Raises $330 Million at $4.2 Billion Valuation

Related Posts