Japanese telecom company SoftBank’s Vision Fund will invest $500 million (roughly Rs. 4,190 crore) in OpenAI’s latest round of funding, The Information reported on Monday citing a person familiar with the deal.
SoftBank declined to comment, while OpenAI did not immediately respond.
A company at the heart of the artificial intelligence (AI) boom is raising $6.5 billion (roughly Rs. 54,478 crore) in convertible notes, Reuters exclusively reported earlier this month.
Apple has reportedly dropped plans to participate in a major funding round, which currently values the AI startup at $150 billion (roughly Rs. 12,57,187 crore) before SoftBank’s investment.
However, the valuation will depend on whether ChatGPT-maker can change its corporate structure and remove the profit cap for investors.
The deal represents SoftBank’s first investment in a company led by Sam Altman, according to an information report.
Reuters reported on Wednesday that OpenAI is working on a plan to restructure its core business into a for-profit corporation that will no longer be controlled by its nonprofit board.
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