OpenAI Is In Talks To raise Funds That Would Value It At $29b

The company which is behind popular applications such as ChatGPT and DALL-E is in talks with VC firms Thrive Capital and Founders Fund. This new move has increased the valuation of the company from the initial $21bn in 2021 after a secondary share sale.

This new development comes barely a month after OpenAI launched an experimental chat bot, ChatGPT which aims to respond to questions is an interactive format.

ChatGPT which has reached over 1m users, has been praised for its ability to answer questions but has been met with criticism due the content of some of the response some of which were biased, racist or plain incorrect according to users.

However, the popularity of ChatGPT has continued to grow, with Microsoft planning to integrate it with Bing search engine to create a more conversational search engine.

This is in line with Microsoft vision to help bring about a “secure, trustworthy and ethical” AI which prompted them to invest $1bn in OpenAI in 2019.

In 2021, OpenAI created DALL-E, a software that will enable users to generate multiple images using phrases or sentences. The new version of the software, DALL-E2, announced in April 2022 was made to “generate more realistic images with four times greater resolution” according to OpenAI. Early access to the beta version of DALL-E2 was made available to 1 million users in July 2022.