San Francisco, May 25: Sam Altman-run OpenAI has closed a $175 million investment fund focused on empowering other AI startups, with backing from Microsoft and other investors.
The Information reported first about the fund-raise, citing a US Securities and Exchange Commission (SEC) filing. The company had earlier said it would put $100 million into the startup fund. ChatGPT App for iOS Expands Its Global Reach, India Launch Expected in Coming Weeks.
However, the SEC filings show that the fund, called OpenAI Startup Fund I, is bigger than initially expected and is 75 per cent higher than the original plan, the report mentioned. Representatives for OpenAI did not immediately respond to the report.
The fund, managed by OpenAI CEO Altman and COO Brad Lightcap, raised money from 14 investors, according to the filing. OpenAI has already been investing in AI startups for some time.
In recent months, ChatGPT and GPT-4 have become a rage worldwide. OpenAI recently closed a more than $300 million share sale at a valuation between $27-$29 billion, according to the reports. Sam Altman, CEO of ChatGPT Creator OpenAI, Says World Must Mitigate Risks of AI Technology, Start Thinking About Governance of Superintelligence.
Altman has "privately suggested OpenAI may try to raise as much as $100 billion in the coming years to achieve its aim of developing artificial general intelligence (AGI) that is advanced enough to improve its own capabilities".
OpenAI, in February this year, launched the new subscription plan, ChatGPT Plus, that is available for $20 a month.
(The above story first appeared on LatestLY on May 25, 2023 03:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).