OpenAI bags $4 bn credit line after $6.6 bn funding; launches ChatGPT’s New Interface
OpenAI has secured $6.6 billion in new funding and established a new $4 billion credit facility with JPMorgan Chase, Citi, Goldman Sachs, and other leading financial institutions. This revolving credit facility provides OpenAI with access to over $10 billion in liquidity, enabling the company to invest in new initiatives and operate at scale.
The CFO of OpenAI, Sarah Friar, stated that the credit facility will strengthen the company's balance sheet and create flexibility for future growth opportunities. This move has garnered support from top banks and investors worldwide.
OpenAI plans to utilize the funds to invest in research, develop new products, and attract top talent to further enhance its AI platform.
ChatGPT’s New Interface
Following the funding round, OpenAI has launched a new interface for ChatGPT named "Canvas." This interface goes beyond simple chat functionality and aims to assist users in writing and coding tasks. Canvas represents the first major update to ChatGPT's visual interface since its inception two years ago.
According to OpenAI, Canvas opens in a separate window, allowing users to collaborate with ChatGPT on various projects. It is built with GPT-4o and is currently available to ChatGPT Plus and Team users globally in its early beta stage.
In the Canvas interface, users can edit text or code with the assistance of ChatGPT. The platform offers shortcuts for adjusting writing length, debugging code, and other useful actions. Additionally, users can restore previous versions of their work and receive inline feedback and suggestions from ChatGPT.
Writing and Coding in Canvas
OpenAI highlights that ChatGPT can better understand the context of tasks within the Canvas interface. Similar to a copy editor or code reviewer, ChatGPT in Canvas can provide inline feedback, improve code quality, add logs and comments, and even translate code into different programming languages.
Canvas has undergone rigorous evaluation processes, surpassing the performance of the zero-shot GPT-4o. Human evaluations have shown a 30% increase in accuracy and a 16% improvement in quality compared to instructed GPT-4o.
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