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OpenAI sets a VC fundraising record — but can it fulfill the promise?
- OpenAI has set a global VC fundraising record, with a round totalling $6.6bn, but there are questions as to whether the amount is needed to raise development funds. While the funds are unlikely to relieve CEO Sam Altman entirely, naysayers have suggested that there is little point in acquiring so much capital, since there are already numerous AI firms functioning like pick-and-shovels businesses that are generating revenue. Furthermore, while big chip players such as Nvidia and rival firm Cerebras are working hard with AI, there may be larger global macro trends that render massive investments in AI unnecessary. Some analysts have speculated that OpenAI could enter an IPO.
- Nevertheless, other areas of AI are gathering momentum, as platforms that support AI are being developed by firms such as VAST Data, which is creating a data operating system for AI processes. Others are working on agentic AI, speech recognition, generative AI coding assistants and AI safety protocols. Developments in such areas are driving the growing use of AI. Governments have been slow to regulate AI but are beginning to take a more active interest and in some cases, are beginning to implement regulations.
- More mundane AI services, such as ad delivery, are also appearing, with Google launching AdSense to work alongside its AI search engine and search ads. Companies in the sector looking to garner investment included Poolside, which raised $500m for AI coding assistants. Others to secure significant funding include Eon, DataPelago and Crescendo.
- In the wider business world, cloud and big data tech companies are turning to AI to fuel more advanced service offerings and deepen their insight into data processing and the development of managed services. Microsoft, for one, is investing in AI and cloud infrastructure in Italy, while Oracle has launched an AI and cloud computing facility in Malaysia. Exabeam unveiled product updates and a new service in the wake of a merger with LogRhythm, while Akamai is working on an API security ecosystem.
- Meanwhile, cybersecurity is continuing to be a major concern, with legal action piling up against hackers and security breaches appearing in ever-more innovative guises. The sector is forging alliances to increase protection, and technology is increasingly being developed to counter targeted attacks. Dexory raised $80m for an autonomous warehouse robotics platform, while SiliconANGLE and its research and media partners are continuing to track policy developments in fast-changing areas, including emerging tech and blockchain and crypto.
- Finally, several new appointments have been made in the AI sector, including the hirings of former Uber executive Sebastian Enderlein as CTO at DeepL, and Durk Kingma as a scientist by Anthropic. Staff appointments have also been made at Zscaler and Klaviyo. There will be several relevant events over the coming week, including Teradata Possible in Los Angeles, during which theCUBE will be interviewing industry leaders, as well as Cloudera Evolve 24 in NYC, which will also take in in-depth analyses. Meanwhile, SiliconANGLE will be keeping tabs on AMD's Advancing AI event in San Francisco.
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