OpenAI Partners with Thrive Holdings to Boost AI Adoption
OpenAI, in a recent announcement, revealed its strategic move of acquiring an ownership stake in Thrive Holdings. Thrive Holdings is an investment venture initiated by Thrive Capital, a significant investor in OpenAI. The main objective of this partnership is to expedite the adoption of enterprise AI by integrating OpenAI’s engineering, research, and product teams directly into the portfolio companies of Thrive Holdings.
The initial focus of the deal is on the accounting and IT services sectors. OpenAI is confident that its technology can bring about immediate benefits in these sectors by enhancing speed, accuracy, and cost efficiency. “This partnership is about demonstrating what’s possible when frontier AI research and deployment are rapidly deployed across entire organizations,” stated Brad Lightcap, the COO of OpenAI.
This arrangement is a performance-based compensation model, where OpenAI’s stake increases if the companies under Thrive Holdings prosper. However, this deal has been tagged as another “circular deal” in the AI industry by critics. It is reminiscent of similar arrangements OpenAI has made with Nvidia and CoreWeave. The financial terms of the deal remain undisclosed, but OpenAI’s current valuation stands at a whopping $500 billion.
Source: CNBC