OpenAI's US$6.5B fundraising nears completion

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OpenAI's latest venture capital fundraising is nearing completion.

The US$6.5 billion funding round values OpenAI at US$150 billion. This is up from US$86 billion during the previous round in 2023, reported Business Times.

The funding round has seen strong investor demand and is likely to be finalised in the next two weeks, reported Reuters. Investors this round include existing investors such as Thrive Capital, Khosla Ventures and Microsoft.

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It has also reportedly attracted new investors such as Nvidia and Apple, as well as returning investor Sequoia Capital.

However, the funding round is subject to whether the company can upend its corporate structure and remove a profit cap for investors, sources with direct knowledge of the matter told Reuters.

If the restructuring is unsuccessful, OpenAI would need to renegotiate its valuation with investors.

In a statement to Reuters, OpenAI reportedly said it remains focused on building AI that benefits everyone while working with its non-profit board. It reportedly added that the non-profit is core to its mission and will continue to exist.

MARKETING-INTERACTIVE has reached out to OpenAI for more information.

Meanwhile, OpenAI and TIME have partnered for a multi-year content deal and strategic partnership to bring TIME's journalism to OpenAI’s products, including ChatGPT.

Reported in June this year, the partnership will see OpenAI gaining access to TIME's extensive archives from the last 101 years to enhance its products and display in response to user inquiries.

It will feature a citation and link back to the original source on Time.com. It said that this partnership will help expand global access to accurate and trusted information.

Similarly, TIME will also gain access to OpenAI's technology to develop new products for its audiences, as well as providing feedback and sharing practical applications to refine the delivery of journalism in ChatGPT and other OpenAI products.

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