OpenAI raises about $11 billion, seeks wealthy individual investors

OpenAI lands an $11 billion funding round, but has to court dentists for more capitalround but now has to court dentists for more capital

OpenAI has received about $11 billion in new funding, the first money in a round that values the company at $1.25 trillion. Bloomberg reported the funds arrived Friday, and the round could grow to $20 billion, with the rest expected in coming weeks. OpenAI had planned to raise $30 billion at a $1.4 trillion valuation, cut the target after the AI selloff, and is working with investment banks to bring in wealthy individual investors.

Why it matters: OpenAI cut its funding target and valuation after the AI selloff and is turning to investment banks to reach wealthy individual investors.