Open AI raises $40bn with Saudi PIF, Reliance and UAE MGX
According to reports, OpenAI, the creator of ChatGPT, is in discussions with global investors, including India’s Reliance Industries, Saudi Arabia’s Public Investment Fund (PIF), and MGX Fund Management Limited (MGX) in the UAE, to secure a staggering $40 billion in funding. The Information has revealed that each of these investors is expected to contribute "at least hundreds of millions of dollars" to OpenAI's funding round.
The US AI developer, backed by Microsoft, aims to utilize the raised capital to advance the development of its AI models and an extensive infrastructure known as ‘Stargate’. The discussions come on the heels of OpenAI CEO Sam Altman's visit to India earlier this year, during which he engaged with IT Minister Ashwini Vaishnaw regarding India's aspirations to establish a cost-effective AI ecosystem.
If the funding round successfully concludes, it will not only affirm OpenAI's position as a global AI frontrunner but also represent a significant strategic investment for India and the Middle East in their pursuits of technological and digital transformation.
Following his visit to India, Altman is believed to have traveled to the UAE to engage with MGX concerning fundraising, as per sources cited by Reuters.
