Venture Capital: Top VCs Lap Up OpenAI’s $300M Tender Offer Of Shares
The tender offer valued OpenAI at $27 billion to $29 billion.
OpenAI, the startup that created ChatGPT, a widely used conversational AI model, has reportedly gained new financial backers, including Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global. The venture capital (VC) firms have invested more than $300 million at a valuation of $27 billion – $29 billion.
This funding is in addition to Microsoft’s (NASDAQ: MSFT) investment of around $10 billion earlier this year. The VC firms are financial backers, while Microsoft’s investment has a strategic angle. (Tech Crunch)
OpenAI has acknowledged the need for further development of its services and has continued to iterate them. It recently introduced a paid version of ChatGPT, called ChatGPT Plus.
Additionally, there is a growing ecosystem around OpenAI’s technology, with hundreds of businesses deploying GPT and ChatGPT in their products and services.
The company is laser-focused on AI and has undergone significant changes since its launch in 2015, including a discontinuation of the original non-profit business model.
Related Story: Microsoft Extends Partnership, Invests $10B In ChatGPT
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