The artificial intelligence boom is well underway in Silicon Valley. And now, Sam Altman’s OpenAI has just raised billions of dollars in fresh funding.

What’s happening:

  • OpenAI has raised $8.3B USD in a new strategic financing round
  • The new funding round was led by Dragoneer Investment Group

By the numbers:‍

  • OpenAI’s valuation now exceeds $300B USD
  • Currently, OpenAI is generating approximately $13B USD in annual reoccurring revenue

Why it matters:‍

  • Dragoneer Investment Group’s investment of $2.8B USD into OpenAI is one of the largest venture capital bets ever made by a single fund

Going deeper:‍

  • Multiple other prominent venture capital funds also invested in the new financing round, including Thrive Capital and Tiger Global and even private equity giant Blackstone

The intrigue:‍

  • The race to be on the leading edge of artificial intelligence has also continued to make waves in the public markets lately, with Tesla (NASDAQ: TSLA) just recently cutting a new $16.5B USD deal with Samsung for the sole purpose of securing next generation chips to fuel their ambitions in autonomous vehicles and humanoid robots

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