OpenAI raises $8.3B at $300B valuation

OpenAI’s latest funding round, which values the company at $300 billion, was five times oversubscribed amid surging investor demand for AI, according to The New York Times.
OpenAI has raised $8.3 billion at a $300 billion valuation, accelerating its plan to secure $40 billion in funding by year’s end. The latest round, led by Dragoneer Investment Group, comes after the company raised $2.5 billion in March.According to The New York Times on Friday, Dragoneer committed $2.8 billion to the raise, representing roughly 10% of its total funds. The funding round brings OpenAI closer to its 2025 target, which includes a $30 billion commitment from SoftBank.The funding round was five times oversubscribed, meaning investors wanted to invest roughly $40 billion, the Times said. OpenAI prioritized new strategic investors over existing backers, frustrating some investors who received smaller allocations than they hoped for.Read more

Source: cointelegraph.com (Read Full Article)