News Formal

OpenAI closes US$6.6-billion funding haul with investment from Microsoft and Nvidia

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 25 sec. here
  • 13 min. at publisher
  • 📊 Quality Score:
  • News: 51%
  • Publisher: 92%

Technology News

Company,Valuation,Funding

The closing of the funds coincides with the company’s ongoing restructuring efforts and executive changes

OpenAI, the company behind ChatGPT, has raised $6.6-billion from investors, which could value the company at $157-billion and cement its position as one of the most valuable private companies in the world.

Altimeter Capital, Fidelity, SoftBank, and Abu Dhabi’s state-backed investment firm MGX also participated in the round. Apple, which was in talks to invest in OpenAI, did not end up joining the funding, sources said, who requested anonymity to discuss private matters. The company is on pace to generate $3.6-billion in revenue this year on mounting losses of over $5-billion. It projects major revenue jump next year to $11.6-billion, according to sources familiar with the figures.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

OpenAI looks to convert to for-profit companyOpenAI's history as a nonprofit research institute that also sells commercial products like ChatGPT may be coming to an end as the San Francisco company looks to more fully convert itself into a for-profit corporation accountable to shareholders.
Source: CP24 - 🏆 30. / 67 Read more »