PHOTO
The UAE state-backed company MGX is in talks to invest in OpenAI as part of a multibillion-dollar fundraising round, the Wall Street Journal reported citing people with knowledge of the matter.
OpenAI, which created the text-generating AI chatbot ChatGPT, is trying to raise as much as $6.5 billion in a funding round that would value it at $150 billion, according to various media reports.
Venture-capital firm Thrive Capital has committed $1 billion and will lead the round, while Microsoft, Apple, and Nvidia are also in talks to invest, the report said.
MGX hasn’t determined the size of the potential investment in OpenAI, the WSJ report said.
MGX was set up in January 2024 with Sheikh Tahnoun Bin Zayed Al Nahyan as board chair to invest in artificial-intelligence projects and is backed by Abu Dhabi’s sovereign investor Mubadala and the UAE-based artificial intelligence company G42.
(Writing by Brinda Darasha; editing by Seban Scaria)
