ChatGPT and DALL-E creator OpenAI is set to receive a multiyear, multibillion-dollar investment from existing backer Microsoft.
The deal's exact value was kept confidential. However, Semafor reported earlier this month that Microsoft was planning to invest $10B into the firm. OpenAI intends to use the proceeds to further develop its AI products and support independent research.
More:
- The news comes following Microsoft's announcement last week confirming the general availability of its Azure OpenAI Service, which will give its customers access to GPT 3.5, Codex, and DALL-E tools.
- Microsoft previously invested $1B into the AI startup in 2019.
- Microsoft's current investment will reportedly remain capped, per TechCrunch.
Zoom out:
- Earlier this month, OpenAI was looking to sell shares to venture capital firms Thrive Capital and Founders Fund through a tender offer at a $29B valuation.
- OpenAI's previous tender offer in 2021 valued the firm at $14B.
