OpenAI doubles revenue to $3.4 billion, acquires two companies, and sees increased M&A activity.

From Crunchbase: 2024-06-27 07:00:18

OpenAI has doubled annualized revenue to $3.4 billion and recently made two deals, acquiring Rockset and Multi. The M&A market for startups has seen increased activity with over 430 deals in the current quarter. AI chip startup Cerebras Systems has filed confidentially for an IPO, following successful offerings from companies like Astera Labs and Tempus AI.

Investors committed $80 million to take over Stability AI, forgiving debts and negotiating future obligations. The company faced controversy over exaggerated claims about its generative AI technology. MEandMine, a startup in Palo Alto, raised $4.5 million to provide AI-powered screening for identifying psychological risks in children. Initial results show 91% accuracy in detecting risks.



Read more at Crunchbase: OpenAI Goes On A Buying Spree As AI Looks To Open Up M&A, IPO Markets