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News on Medial
OpenAI fires back at Musk, and Monzo raises a megaround
TechCrunch
·
1y ago
Medial
In this episode of the Equity podcast, the hosts discuss the latest startup and venture capital news. This episode is tailored for founders and investors, providing them with insights into the current trends and happenings in the industry. The hosts provide a rundown of the topics they will be covering in the episode. Listen to the full podcast to stay updated with the latest startup and venture capital news.
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OpenAI hired the lawyer who helped force Elon Musk to buy Twitter
Business Insider
·
1y ago
Medial
OpenAI has hired attorneys from Wachtell, Lipton, Rosen & Katz and Morrison & Foerster to represent the company in its legal battle against Elon Musk. OpenAI's move comes after Musk sued the company and some of its cofounders earlier this year, alleging breaches in its founding agreement. OpenAI's legal team includes lawyers who previously represented Twitter in a case against Musk when he attempted to back out of a purchase. Musk, who has his own high-profile attorneys, sued OpenAI in an attempt to prevent breaches of its nonprofit mission through a partnership with Microsoft.
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UK digital bank Monzo valued at $5 bln after new funding round
Reuters
·
1y ago
Medial
Monzo, a British digital bank, has raised £340 million in a funding round led by CapitalG, a fund owned by Alphabet. The round values the company at £4 billion and includes investment from GV and HongShan Capital. Monzo plans to use the funds to expand and develop new products. The digital bank became profitable in March 2023 and was previously valued at $4.5 billion in 2021.
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If Altman returns as CEO, OpenAI board will be gutted: Elon Musk
Economic Times
·
1y ago
Medial
Tech billionaire Elon Musk commented on the potential return of Sam Altman as the CEO of OpenAI, stating that if Altman does come back, the board will be "gutted." Musk made the comment in response to a screenshot posted on X, where an AI chatbot discussed the situation with Altman and his possible return. The OpenAI board is reportedly in discussions with Altman, who was previously fired, about him resuming the CEO role, with potential governance changes being considered.
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‘Work culture is manic,’ says Indian-Origin OpenAI employee on joining AI firm
Livemint
·
1y ago
Medial
Pranav, an Indian-origin professional at OpenAI, shared his positive experience working at the company. He mentioned the fast-paced and dedicated work culture at OpenAI, expressing his excitement about working with a talented team on innovative projects. Pranav's remarks highlight the rigorous work ethic and dynamic environment at OpenAI, known for its advancements in AI. However, simultaneously, Elon Musk has initiated legal action against OpenAI, alleging that the company has prioritized profit over its initial commitment to serving the public interest. Musk claims that OpenAI misled him and took advantage of his philanthropic concerns about AI's potential threats.
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Business planning startup Pigment raises $145M in rare French tech megaround
TechCrunch
·
1y ago
Medial
Paris-based startup Pigment has raised $145 million in a Series D funding round led by existing investor Iconiq Growth, with participation from Sandberg Bernthal Venture Partners, IVP, Meritech, Greenoaks, and Felix Capital. Pigment offers a business planning platform for large companies to visualize their financial performance and forecast future quarters. The startup has managed to triple its revenue and double its customer base in 2023, with clients including Unilever, Datadog, Kayak, and Merck. Pigment aims to provide a better product to compete with other business planning tools in the market.
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Elon Musk says he was offered shares in OpenAI but didn't accept them because it 'seemed unethical'
Business Insider
·
1y ago
Medial
Elon Musk claims he was offered shares in OpenAI but found it unethical or illegal to accept them. OpenAI, a nonprofit focused on AI development, was founded in 2015 with Musk pledging $1 billion. The company's recent valuation stands at around $80 billion. Musk left OpenAI in 2018 and cited disagreements with the team. He has been critical of OpenAI's partnership with Microsoft, stating that it prioritizes profit over its original mission. Musk has since launched his own AI company and released a competing chatbot.
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Monzo, the UK challenger bank with 9 million customers, raises $430 million
TechCrunch
·
1y ago
Medial
London-based fintech company Monzo has raised $430 million in late-stage funding, confirming its post-money valuation of $5 billion. The funding, led by Google's CapitalG and GV, along with HongShan Capital and existing investors, marks a significant achievement given the decline in startup funding in Europe. Monzo, which provides digital-first UK current accounts and financial products, had faced challenges in the past, including a failed expansion into the US and a down round funding in 2020. However, its performance has since improved, with the company now boasting nine million retail customers and profitability achieved in March 2023.
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Elon Musk warns that he will ban Apple devices if OpenAI is integrated at operating system level
Economic Times
·
1y ago
Medial
Elon Musk threatened to ban Apple devices at his companies if the tech giant integrates OpenAI at the operating system level due to security concerns. Musk, who is the CEO of Tesla and SpaceX, criticized Apple's partnership with OpenAI, claiming it poses a risk to users' privacy. Earlier, Apple had announced various AI features and a collaboration with OpenAI to bring ChatGPT technology to its devices. Musk's criticism stems from his belief that Apple should be capable of developing its own AI technology, rather than relying on OpenAI.
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Sam Altman says he could do with more collaboration and less of Elon Musk tweeting a silver medal at Jeff Bezos to flex his wealth
Business Insider
·
1y ago
Medial
Sam Altman expressed his hope for less taunting and more collaboration among AI leaders, specifically referencing Elon Musk's public mocking of Jeff Bezos after surpassing him as the world's richest person. Altman, co-founder of OpenAI with Musk, highlighted Musk's tendency to not be known for collaboration, citing his tweet of a silver medal aimed at Bezos. Altman's remarks come in the context of the need for collaboration to achieve artificial general intelligence (AGI). However, tensions have been present between Altman and Musk, with Musk filing a lawsuit against OpenAI and Altman in 2020. Neither OpenAI nor Musk have commented on the matter.
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Elon Musk welcomes competition from humanoid robot rivals: 'Bring it on'
Business Insider
·
1y ago
Medial
Elon Musk recently responded to Figure AI's announcement of a collaboration with OpenAI to develop AI-powered machines, stating, "Bring it on." Musk, who is developing his own humanoid robot, Optimus, at Tesla, acknowledges Figure AI and OpenAI as rivals to his own AI ambitions. Musk has previously expressed disdain for OpenAI, filing a lawsuit against the company and alleging that its partnership with Microsoft violates its nonprofit mission. Figure AI has secured funding from Microsoft, NVIDIA, and Jeff Bezos' family office for its robots designed for manufacturing, logistics, and retail purposes.
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