OpenAI Seeks Massive Financing in the Middle East
According to several Chinese reports, Sam Altman, CEO of the American artificial intelligence company OpenAI, has embarked on a journey to the Middle East to secure a significant amount of funding. Sources have confirmed that Altman’s goal is to raise at least USD 100 billion, as reported by Tencent News Deep Web.
OpenAI has previously completed several funding rounds earlier this year, accumulating billions of dollars. However, due to the high computing power requirements associated with projects like ChatGPT, OpenAI is facing financial losses. Operating ChatGPT alone costs approximately USD 700,000 per day, not accounting for other expenses.
Geo Energy Forms a USD 4 Million Loan Agreement with Charged Asia
In a collaborative effort, the Indonesian coal producer Geo Energy has partnered with Charged Asia, a Singapore-based electric vehicle startup. The two companies have entered into a USD 4 million loan agreement facilitated by Geo Electric, a subsidiary of Geo Energy. Under specific conditions, the loan amount and accrued interest can be converted into ordinary shares of the electric vehicle company.
These funds will enable Charged Asia to expand its operations in Indonesia and other Southeast Asian regions. The initiative aligns with the company’s vision to contribute to the ongoing energy transition in the area.
Jianwang Technology Concludes Nine-Figure Seed Round Funding
Jianwang Technology, a China-based health tech company, has successfully raised around RMB 100 million (USD 13.7 million) in a Series A funding round. The funding was jointly led by Zhejiang Provincial Energy Group and CDH Investments. The newly obtained capital will be utilized to enhance the company’s production capacity and support its research and development endeavors, as reported by 36Kr.
Zepto, Mateside, HC Scientific, and Other Headlines
Zepto, an Indian quick commerce company, recently secured USD 200 million in funding, leading to a valuation of USD 1.4 billion. The funding round was spearheaded by StepStone Group and Goodwater Capital, with additional participation from Nexus Venture Partners, Glade Brook Capital, and Lachy Groom. Zepto intends to consolidate its presence in various Indian cities through the infusion of capital.
Mateside, a Chinese home rehabilitation medical equipment company, successfully raised nearly RMB 100 million (USD 13.7 million) in its initial financing round. The funding was led by Yuanning Investment, with contributions from Hengxu Capital and Xiangyu Medical. The funds will support Mateside’s product research and development, bolster its supply chain, and facilitate channel expansion.
HC Scientific, a biotechnology company based in China, has recently concluded a Series B+ funding round, accumulating over RMB 300 million (USD 41.1 million). Key investors in this round include Lake Bleu Capital and Guotai Junan Securities, as well as Eightfold Venture Partners, Legend Capital, LYFE Capital, and other contributors. The main objective of this funding is to drive the development of new products, expand into untapped markets, and attract top talent to the company.
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Editor Notes
OpenAI’s pursuit of significant financing in the Middle East indicates its ambition to secure the necessary resources to continue pushing the boundaries of artificial intelligence. The company’s previous funding rounds have laid a strong foundation, and this new funding will undoubtedly propel OpenAI’s innovative projects forward. It will be interesting to see how this infusion of capital will enable OpenAI to overcome the financial challenges associated with its computing power requirements. The partnerships between Geo Energy and Charged Asia, as well as Jianwang Technology’s successful seed round funding, highlight the ongoing growth and investment opportunities within the AI and tech industries. These developments showcase the potential of cutting-edge technologies to revolutionize various sectors, from electric vehicles to healthcare. Exciting times lie ahead as technological advancements continue to shape our world.
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