OpenAI trudges towards for-profit structure amid high-profile exits
OpenAI logo is seen in this illustration.
Amid high-profile exits from the company, OpenAI is reportedly planning to become a for-profit entity and is already preparing to change its corporate structure. News agency Reuters reported that the US-based AI startup is seeking to raise $6.5 billion in funding. However, the company will use its profits only ‘for the welfare of society and public.’ The company will no longer be controlled by its non-profit board.
The report comes after the chief technology officer at OpenAI, Mira Murati, announced her departure from the San Francisco company.
‘Non-profit core to our mission’
A spokesperson of the company, however, said non-profit was core to their mission. “We remain focused on building AI that benefits everyone, and we’re working with our board to ensure that we’re best positioned to succeed in our mission. The nonprofit is core to our mission and will continue to exist,” the spokesperson said.
Notably, the startup was founded in 2015 as a non-profit entity but it conceived a for-profit entity, backed by Microsoft, four years later.
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According to OpenAI’s website, the company is established as “a partnership between our original nonprofit and a new capped profit arm”.
Who are OpenAI’s new investors?
According to reports, OpenAI is aiming to achieve a valuation of $150bn under the new fundraising campaign. The company’s CEO, Sam Altman, often projected as the poster boy of the global AI boom, is in talks with US majors like Apple and the chipmaker Nvidia for the fundraising round.
High profile exits
OpenAI’s plans to create artificial general intelligence (AGI) havealarmed its senior employees, who fear the AI giant may drift away from its original goal. The company described AGI as “AI systems that are generally smarter than humans”. William Sunders, a senior research engineer, left OpenAI earlier this year after saying he had “lost faith” in the company regarding AGI plans.
Earlier, Jan Leike, a safety researcher at the company, left the firm accusing OpenAI of prioritising “shiny products” over safety.
(With inputs from agencies)