OpenAI's New Round of Converge Offers $1M to AI Startups; Kasikornbank and Mistral AI Announce Major Investments
Summary:
OpenAI has launched the second installment of its six-week program 'Converge 2', aiming to invest $1 million into each of the 15 selected AI startups. This global initiative encourages professionals such as engineers and product creators to use AI for innovative purposes. Meanwhile, Thai private bank Kasikornbank has initiated a $100 million primary fund to invest in AI, Web3, and deep tech startups in the Asia-Pacific region. Lastly, French AI startup Mistral AI has acquired $415 million in its latest funding round to enhance its tech and open-source software.
OpenAI has begun welcoming applications for the second installment of 'Converge 2', its six-week program engineered for AI-based startups, with a commitment to invest $1 million in each of the selected 15 participants. The entity responsible for ChatGPT has introduced this global initiative targeted at professionals such as engineers, developers, researchers, and product creators who seek to use AI in revolutionary ways. According to OpenAI, the Startup Fund was established based on the belief that comprehensive AI systems will act as the catalyst for a fresh generation of pioneering startups. The exponential growth of AI tech and solutions has won the backing of both specialists and investors in the industry. This year alone, AI startups working on generative models have attracted significant funding from an array of entities.
OpenAI launched the inaugural phase of the Startup Fund in November 2022 to assist up-and-coming founders and firms dedicated to bringing novel AI products to life. In this round, twelve startups chosen from the applicants received an investment of $1 million each. Through a statement made public by its CEO, Sam Altman, OpenAI clarified the motivation behind the initiative and its implications on the AI landscape. By launching the startup fund, OpenAI is effectively playing its part in advancing the utilization of applied AI in crucial fields, the company said. According to the statement, OpenAI will cover travel expenditure for the initial and closing weeks of the program, which will be held in San Francisco. Even though participants may opt for remote attendance in the weeks in between, OpenAI recommends physical presence if possible. Founders hailing from diverse backgrounds and having different levels of experience, irrespective of their geographical location, are encouraged to apply. As OpenAI emphasized, previous experience with AI systems is not a prerequisite for application.
The application window, which opened on December 13, 2023, will close on January 26, 2024.
Meanwhile, Kasikornbank (KBank), a Thai private bank, has launched a primary fund worth $100 million. Named KXVC, this fund aims to invest in AI, Web3, and deep tech startups, focusing specifically on the Asia-Pacific region.
Mistral AI, a French AI startup, recently announced that it has garnered $415 million during its latest funding round, which concluded on December 1. This capital will be utilized to refine its technology and boost its open-source software. Andreessen Horowitz led the fundraising round, with the startup's original investors, Lightspeed Ventures, also making significant contributions.
Additionally, AI's application in the crypto economy is rapidly increasing, with crypto-based AI markets and AI-driven financial analysis becoming increasingly popular.
Published At
12/15/2023 2:02:44 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.