Singapore’s Temasek in talks to invest in OpenAI, FT reports
A Temasek signage is pictured at their annual Temasek Review in Singapore July 11, 2023. REUTERS/Edgar Su/File Photo
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(Reuters) -Singapore’s Temasek Holdings is in discussions to invest in Microsoft-backed artificial intelligence company OpenAI, the Financial Times reported on Tuesday, citing two people familiar with the matter.
Senior executives at Singapore’s state investment firm have met ChatGPT maker’s CEO, Sam Altman, multiple times in recent months, the report added.
OpenAI did not immediately respond to Reuters requests for comment, while Temasek declined to comment on the report.
Temasek was interested in investing in Altman’s venture capital fund Hydrazine Capital at first, but recent talks included the AI non-profit, the Financial Times reported, citing a separate source.
The deal with Temasek is the first since reports surfaced last month that OpenAI’s Altman was looking to raise about $5 trillion to $7 trillion for a network of AI chip factories.
AI startups attracted one out of every three dollars invested last year in the United States, as OpenAI’s ChatGPT grabbed the spotlight and startups raced to develop AI technology.
The launch of OpenAI’s ChatGPT in late 2022 brought attention to generative AI technologies, spurring billions in investments on chips and servers required to support the adoption of such applications.
Some of OpenAI’s investors excluding Microsoft (NASDAQ:MSFT), which is its largest, include Khosla Ventures, Thrive Capital, Andreessen Horowitz and Sequoia Capital.
OpenAI completed a deal to sell existing shares in a tender offer that valued the artificial intelligence company at $80 billion or more, the New York Times reported last month, citing people with knowledge of the deal.
Temasek is an active investor in the tech sector with a portfolio valued at S$382 billion ($284.21 billion), as of March 31. Some of the companies in the portfolio include Roblox, Tencent and Alibaba (NYSE:BABA).
($1 = 1.3441 Singapore dollars)
