OpenAI creates $10 billion joint venture with private equity firms to advance AI
OpenAI has raised over $4 billion to create a new joint venture that will focus on helping businesses implement its artificial intelligence software.
OpenAI has raised over $4 billion to create a new joint venture that will focus on helping businesses implement its artificial intelligence software.
The new venture, called The Deployment Company, has received backing from 19 investors, including TPG Inc., Brookfield Asset Management, Advent and Bain Capital, a source told Bloomberg on condition of anonymity because the information is not yet public.
The deal values the company at $10 billion before any raised funds. OpenAI will own and manage a controlling stake in the company.
Other partners include Dragoneer Investment Group, SoftBank Group Corp., and a number of consulting firms.
The partners in the new OpenAI joint venture have access to more than 2,000 portfolio companies and customers, the source said. The goal is to leverage those connections to help even more enterprises adopt AI.
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