EP15: OpenAI secures $6.6B fund, how to build a full agent with Relevance AI, and Amazon product description writer!
What's better than some knowledge on a friday?
Hi my fellow AI devotees,
It’s cool outside, enjoy the cold breeze with an espresso and read our delicious bits!
Today on the menu:
AI news of the week: OpenAI has secured $6.6 billion from investors
Tutorial of the day: 🎧 Wilde is writing Emails!
The AI landing page analyzer: Here’s a tool to help you analyze your landing page
Learn with AI: how to build a full agent with Relevance AI
OpenAI has secured $6.6 billion from investors
OpenAI has secured $6.6 billion from investors, potentially valuing the company at $157 billion and solidifying its position as one of the most valuable private firms globally, with returning venture capital investors like Thrive Capital and Khosla Ventures, along with major corporate supporter Microsoft and new participant Nvidia showing interests in the funding round.
The details:
Funding Achievement: OpenAI has secured $6.6 billion from investors, potentially valuing the company at $157 billion, making it one of the most valuable private firms globally.
Key Investors: Notable participants in the funding round include Thrive Capital, Khosla Ventures, Microsoft, Nvidia, Altimeter Capital, Fidelity, SoftBank, and Abu Dhabi’s MGX.
Executive Changes: The funding coincides with OpenAI's restructuring efforts and the departure of Chief Technology Officer Mira Murati.
Employee Liquidity Plans: CFO Sarah Friar announced plans for a share buyback program to provide liquidity to employees, with details pending.
Future Investment Option: Thrive Capital has an option to inject an additional $1 billion next year if OpenAI meets a specific revenue target.
Apple's Withdrawal: Apple was in talks to participate but ultimately decided not to join the funding round.
Funding Structure: The funding is structured through convertible notes, with equity conversion contingent on OpenAI's transition to a for-profit entity.
Investor Confidence: Despite personnel changes, investors remain optimistic about OpenAI's growth, with projected revenues of $3.6 billion this year and $11.6 billion next year.
Safeguards for Investors: Investors negotiated safeguards to reclaim capital or renegotiate valuations if structural changes are not executed within two years.
Commitment to AGI: OpenAI is focused on developing artificial general intelligence (AGI) while intensifying commercialization efforts and striving for profitability.
🎧 Create Email sequences with Wilde!
Now you can use Wilde to write Emails! create a single purpose mail or write a full sequence and supercharge your email marketing.
Amazon product description writer
One more tool from Scale by AI: If you have an ecommerce business and want to create a product description based on amazon page, use this GPT!
Access it from here→ https://tally.so/r/wb8W1E
Learn with AI: how to build a full agent with Relevance AI
Learn advanced ways of how to create your OWN AI agent with Relevance AI!
This newsletter is sponsored by "Scale By AI”. It’s an AI and automation agency that helps you using AI and smart automations to eliminate repititive tasks in your business workflow, scale your marketing, and automate grunt work.
If you want to learn more, or interested in our services → Book a FREE consultation call here.