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Pre-Product AI 'Company' Now Valued at $30 Billion
Financial Times: Venture capitalists have always been happy to back pre-profit companies. Back in the halcyon ZIRP era, they became happy to finance pre-revenue companies. But at least even Juicero, Wag and the Fyre Festival had an actual product. From Bloomberg over the weekend: "OpenAI co-founder ...
From Bloomberg over the weekend:" OpenAI co-founder Ilya Sutskever is raising more than $1 billion for his start-up at a valuation of over $30 billion, according to a person familiar with the matter -- vaulting the nascent venture into the ranks of the world's most valuable private technology companies.Greenoaks Capital Partners, a San Francisco-based venture capital firm, is leading the deal for the start-up, Safe Superintelligence, and plans to invest $500 million, said the person, who asked not to be identified discussing private information. The round marks a significant valuation jump from the $5 billion that Sutskever's company was worth before, according to Reuters, which earlier reported some details of the new funding. "It will be fully insulated from the outside pressures of having to deal with a large and complicated product and having to be stuck in a competitive rat race."
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