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🧋 OpenAI's Investment Portfolio Breakdown
Top of the mornin! This is GPTEA, we're the daily AI newsletter that’s like a surprise chicken nugget in your order of fries.
You know it’s about to be a great day when that happens.
In Today’s Email:
Complete breakdown of OpenAI's $100M+ investment portfolio
Tidbit News: Meta's New AI Avengers, Deadmau5 talks AI music, Walmart clamps down on ChatGPT, & more
3 Tools To Create Ads That Convert
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National Geographics got nothing on Midjourney rhino.
OPENAI'S $100M+ INVESTMENT PORTFOLIO
Alright no fancy intros today, we're cutting straight to the chase. OpenAI has a $100M startup fund called Converge. (This makes them both the king maker and the tax collector)
The fund aims to be a startup accelerator program where cohorts of companies receive a $1M investment, early access to OpenAI models, receive mentorship and dedicated support for 5-weeks.
Their Most Notable Investments:
Descript - All-in-one video editing, as easy as a doc.
Closed $50M Series C led by OpenAI (Read more)
Harvey AI - Generative AI for Elite Law Firms.
Closed $5M in seed funding led by OpenAI (Read more)
Mem - The self-organizing workspace. Better than Notion.
Closed $23.5M in Series A led by OpenAI (Read more)
Speak - A new way to learn languages. It's coming for Duolingo's $3.6B market cap.
Closed $27M in Series B led by OpenAI (Read more)
Out of the four, Harvey AI has the biggest upside as it's going after a $397B industry.
One of the largest legal tech unicorn startups Clio is worth close to $2B and they're still growing. (Initial investment was $5M)
The Rest of Their Investments:
EdgeDB - First open source, graph-relational database
Closed $15M Series A with participation from OpenAI (Read more)
Atomic Semi - Chip manufacturing
Closed $15M from OpenAI Startup Fund (Read more)
Diagram - Keep tabs on this company. It's creating Automator, Magician, and Genius.
Received $1M from OpenAI's Start Fund
Cursor - Code editing on steroids.
Received $1M from OpenAI's Start Fund
Anysphere - An AI coding IDE.
Received $1M from OpenAI's Start Fund
Milo - AI co-pilot that's your personal executive assistant
Received $1M from OpenAI's Start Fund
Kick - Automated bookkeeping and tax prep.
Received $1M from OpenAI's Start Fund
qqbot - ChatGPT variant for coding editors.
Received $1M from OpenAI's Start Fund
Looks like Sama is running an acquisition play from page 58 of Zuck's "How to Conquer the World" who bought IG and WhatsApp for pennies on the dollar.
OpenAI is now worth approximately $29B after closing $10B of investment from Microsoft and through these investments, it's trying to secure its position as THE AI company.
But we know Big Tech is making its move, so its too early to tell who'll win the AI wars.
Who knows? Maybe OpenAI pulls a Uno reverse on Microsoft.
STEEPED MEMES
🤣🤣
Elon, the meme lord strikes again. His new company, BasedAI confirmed. (Read more)
Some ppl just want to see the world burn.
TIDBIT NEWS
Avengers Assemble Zuck announces new top-level task force to add generative AI into Facebook, WhatsApp and Instagram
AI Music Gets Thumbs Up Deadmau5 has started experimenting with AI and shared his thoughts on the future of music
New AI Executive To Watch Out For ScaleAI announces their new Chief Product and Technology Officer, Arun Murthy
Abe Lincoln Gets A New Look Abraham Lincoln Presidential Library and Museum teams up with Google to create new interactive AI exhibits
Blacklisted Again Walmart warns employees in internal memo to not enter confidential info into ChatGPT
3 TOOLS TO CREATE ADS THAT CONVERT
1/ Typeface AIÂ - Supercharged content creation. Think Notion X ChatGPT X Midjourney.
2/ Omneky - Create tailored ads based off of your own content.
3/ Pencil - This is THE AI ads tool for small businesses and eCommerce / Shopify stores.
And that's the tea for today! Cheerio till tomorrow, Nick (Mr. Sandals), Ty (Mr. Boots).
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