$40 Billion for Artificial Intelligence - Open AI raises funds to expand new technology infrastructure
OpenAI announced it will raise up to $40 billion in a new funding round led by SoftBank Group at a $300 billion valuation to advance research in artificial intelligence. The company aims to expand its computing infrastructure and improve its tools.
The Japanese technology investment group said in a statement that it has agreed to fund OpenAI with $10 billion in mid-April and an additional $30 billion in December, contingent on it becoming a profitable firm by the end of the year.
SoftBank plans to distribute $10 billion of its total investment to other co-investors it did not name. If the restructuring of OpenAI fails, SoftBank said its total investment in the round would fall to $20 billion.
The startup said it aims to provide increasingly powerful tools to the 500 million people who use ChatGPT every week.
Investor enthusiasm for the artificial intelligence sector has grown significantly in recent years, driven by the widespread adoption of chatbots and the emergence of sophisticated, innovative technology agents.
Enterprises have integrated artificial intelligence solutions to streamline their operations and improve customer experiences, while venture capital firms compete to back promising startups.
San Francisco-based OpenAI closed a $6.6 billion funding round in October, valuing the company at $157 billion. The new funding round would nearly double the startup's valuation.
OpenAI is partnering with SoftBank and Oracle to create a network of data centers under the $500 billion Stargate project, which aims to power technological tasks in the United States.
The company also plans to restructure its structure, saying it will create a public benefit corporation to attract more investment and resources, balancing shareholder interests with public benefits.
With the latest funding, OpenAI will join the ranks of the most valuable private companies, such as SpaceX, China's ByteDance, and Stripe.
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