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OpenAI's Altman to stop in Abu Dhabi for MGX fundraising talks
VCCircle
·
6m ago
Medial
OpenAI CEO Sam Altman is visiting Abu Dhabi to discuss fundraising talks with investment group MGX. This move follows a busy Asia tour where Altman announced a partnership with Japan's SoftBank. OpenAI's initiative aims to strengthen its AI capabilities amid competition from China's DeepSeek. MGX previously participated in a $6.6 billion OpenAI funding round. Meanwhile, SoftBank is considering leading a significant $40 billion investment in OpenAI, highlighting the competitive AI landscape globally.
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Abu Dhabi targets $100 billion AUM for AI investment firm
Economic Times
·
1y ago
Medial
Abu Dhabi is establishing a technology investment firm called MGX, led by Mubadala Investment Co. and G42, targeting deals in AI and semiconductors. The company plans to manage over $100 billion in assets in the coming years. MGX will pursue partnerships in AI infrastructure, semiconductors, and AI core technologies and applications. The firm will be chaired by UAE National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, with Mubadala CEO Khaldoon Al Mubarak as vice chairman. G42 has been involved in AI initiatives and partnerships, including collaboration with OpenAI.
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Pocket FM’s fresh fundraise likely to value audio streaming startup at $1.2 billion
Economic Times
·
1y ago
Medial
Pocket FM, an online audio streaming platform, is reportedly nearing a new fundraising round that could value the company at around $1.2 billion. The startup is in talks with the Abu Dhabi Investment Authority for the funding, which is expected to include a secondary sale of shares. Pocket FM recently announced a $103 million equity funding round, led by Lightspeed Ventures, bringing its valuation to $750 million. The company, which offers audiobooks and serialized audio content, has over 130 million registered users, with a significant portion based in the US.
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Mistral in talks with VC firms, MGX to raise funds at $10 billion valuation: Report - The Economic Times
Economic Times
·
21d ago
Medial
French AI startup Mistral seeks to raise $1 billion with a $10 billion valuation, aiming to expedite the rollout of its Le Chat chatbot and enhance its large language models. Supported by investors like Nvidia and Andreessen Horowitz, Mistral launched Europe's first AI reasoning model to compete with American and Chinese firms. Despite previous funding and industry recognition, it still strives for market traction. Talks involve venture capital entities and Abu Dhabi's MGX.
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This is insane, can you all chill: Sam Altman on viral Ghibli feature in ChatGPT
Inshorts
·
4m ago
Medial
OpenAI CEO Sam Altman asked ChatGPT users to "please chill" on generating Studio Ghibli-style images. "This is insane. Our team needs sleep," Altman added days after saying OpenAI's "GPUs are melting" due to the viral feature. After an X user asked for timeline on AGI development, Altman said, "It'll come sooner if you stop using our GPUs to make images."
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Alpha Dhabi Holding to sell stake in oilfield services firm to JV with ADNOC Drilling
VCCircle
·
1y ago
Medial
Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company (IHC), plans to sell its controlling stake in an oilfield services firm to the joint venture it formed with ADNOC Drilling, a unit of Abu Dhabi National Oil Company. The joint venture, called Enersol, will purchase Alpha Dhabi Holding's stake in the company.
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Abu Dhabi sets out measures to help business get away from oil
VCCircle
·
8m ago
Medial
Abu Dhabi, the capital of the United Arab Emirates, has unveiled measures to simplify business processes in its efforts to diversify the economy away from oil. The city emirate announced the creation of a centralised business registry authority, the Abu Dhabi Registration Authority, which will serve as the single point for business registration. The move comes as Abu Dhabi, like other oil-exporting regions, seeks to expand into sectors such as tourism, logistics, manufacturing, and industry to drive future economic growth. The emirate's non-oil GDP grew by 6.6% in Q2 2024.
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In ousting CEO Sam Altman, ChatGPT loses its best fundraiser
Economic Times
·
1y ago
Medial
OpenAI's co-founder, Sam Altman, has been stripped of his CEO title and directorship due to a failure to communicate consistently. Altman, known as the face of OpenAI and a driving force behind its success, leaves the company with a significant void to fill, as he played a key role in fundraising efforts and attracting talented engineers. Altman's departure comes as OpenAI's value reaches around $80 billion. The exact reasons for his ouster have not been disclosed.
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Abu Dhabi launches free Wi-Fi across emirate, including beaches, parks and buses
Startup News FYI
·
1y ago
Medial
The Department of Municipalities and Transport (DMT) in Abu Dhabi has introduced free Wi-Fi at various public locations, including parks, beaches and buses. This initiative is part of Abu Dhabi's smart city development plan and aims to enhance its digital infrastructure. The service is being offered in collaboration with UAE service providers and allows for connectivity across different areas in Abu Dhabi. The move aligns with Abu Dhabi's commitment to innovation, inclusivity and sustainability as it strives to become a leading smart city.
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Former Indian cricketer set to start new innings with VC fund for sports ventures
VCCircle
·
8m ago
Medial
A former Indian cricketer is launching a venture capital fund for sports ventures. The fund will be based in Abu Dhabi and has received approval from the regulator of the Abu Dhabi Global Market. The cricketer, who enjoyed a successful international career, will be entering a new chapter in his entrepreneurial journey by supporting startups in the sports industry.
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Satya Nadella definitely has the money: Musk continues attack on Stargate project
Economic Times
·
7m ago
Medial
Elon Musk and Satya Nadella engaged in a lighthearted exchange over the $500 billion Stargate AI infrastructure project backed by the Trump administration. While Musk joked about Nadella's wealth, Nadella emphasized that investments focus on practical AI applications, not just hype. The project involves major players like SoftBank, OpenAI, Oracle, and MGX, with developments starting in Texas. Despite Musk's doubts about funding, OpenAI's Sam Altman defended their financial readiness and progress.
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