OpenAI has completed a share sale worth over $300 million at a valuation of $27 billion to $29 billion, with several prominent venture capital firms participating, including Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive, and K2 Global. Founders Fund is also said to have invested in the company. The successful sale comes after Microsoft’s $10 billion investment in OpenAI earlier this year.
Since its establishment in 2015, OpenAI has been a leading contributor to AI research, particularly with the development of the GPT language model, which is the foundation of the ChatGPT chatbot. The GPT-3 and GPT-4 models are widely recognized for their ability to generate human-like text, making them applicable in various industries, from automated content creation to chatbots. This recent funding will allow OpenAI to further advance its research and development, driving innovation in the AI industry.
OpenAI was established by a team of well-known tech executives, including Sam Altman, the current CEO, and Elon Musk. The company is headquartered in San Francisco, California, and has additional offices located in London, United Kingdom, and Seattle, Washington.
