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Top related persons:
OpenAI - 3 — - 2 Sam Altman - 2 Prosperity7 - 2 Altman - 2 Gordon Wilson - 1 Wilson - 1 Daniel Gross - 1
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Saudi Arabia Saudi United States U.S San Francisco Saudi Aramco Riyadh BEIJING
Top related orgs:
Saudi - 3 Business - 3 Service - 2 Bloomberg - 2 Foreign Investment - 2 Financial Times - 1 The Financial - 1 Saudi Aramco - 1

Search resuls for: "Prosperity7"


6 mentions found


☆ Saudi Arabia is reportedly funding a Chinese startup that aims to take on OpenAI
  + stars: | 2024-06-01 | by ( Beatrice Nolan | ) www.businessinsider.com   time to read: +1 min
A Saudi fund is the only foreign investor in China's leading AI startup, The Financial Times reported. Zhipu AI is China's largest generative AI startup by staff numbers and aims to rival OpenAI. AdvertisementSaudi Arabia is reportedly helping to fund China's AI development. A Saudi fund recently became the sole foreign investor in Zhipu AI, a startup that's part of Chinese efforts to build an OpenAI rival, The Financial Times reported citing two unnamed sources. According to the report, Prosperity7, which is part of the state-owned oil group Saudi Aramco, recently participated in the latest funding round for the Chinese startup as a minority investor.
Persons: OpenAI, — Organizations: Saudi, Financial Times, Service, The Financial, Saudi Aramco, Business Locations: Saudi Arabia
☆ OpenAI is paying out $51 million to a chip startup that Sam Altman personally invested in, report says
  + stars: | 2023-12-04 | by ( Jyoti Mann | ) www.businessinsider.com   time to read: +2 min
OpenAI agreed to pay startup company Rain AI $51 million for when its chips are released, per Wired. OpenAI chief Sam Altman reportedly invested $1 million of his own money in the company. Saudi Aramco's VC firm Prosperity7 also invested but sold its sell shares, Bloomberg reported. AdvertisementOpenAI signed a letter of intent to spend $51 million on chip startup Rain AI, Wired reported. Saudi Aramco's investment vehicle Prosperity7 led a funding round last year that saw Rain raise $25 million , Bloomberg recently reported.
Persons: OpenAI, Sam Altman, Prosperity7, —, Gordon Wilson, Wilson, Daniel Gross, Altman, Joe Biden's, didn't Organizations: OpenAI, Saudi Aramco's VC, Bloomberg, Service, Wired, Foreign Investment, Business Locations: San Francisco, Saudi, United States
☆ US compels Saudi fund to exit Altman-backed AI chip startup - Bloomberg News
  + stars: | 2023-11-30 | by ( ) www.reuters.com   time to read: +1 min
Nov 30 (Reuters) - The Biden administration has forced a Saudi Aramco venture capital firm to sell its shares in a Silicon Valley AI chip startup backed by OpenAI co-founder Sam Altman, Bloomberg News reported on Thursday. Altman-backed Rain Neuromorphics, a startup designing chips that mimic the way the brain works and aims to serve companies using artificial intelligence (AI) algorithms, raised $25 million in 2022. The agency, the primary U.S. watchdog for deals with national security implications, instructed the Saudi fund to unwind that deal sometime over the past year, the report said. Altman and the U.S. Treasury, which oversees the Committee on Foreign Investment in the United States (CFIUS) process, did not immediately respond to a Reuters request for comment. The US has taken action that could block AI development in the Middle East.
Persons: Biden, OpenAI, Sam Altman, Altman, Aramco's, Harshita Mary Varghese, Chris Sanders, Arun Koyyur, Sherry Jacob, Phillips, Deepa Babington Organizations: Bloomberg, Foreign Investment, Saudi, U.S . Treasury, Department of Treasury, US, Nvidia, Devices, Thomson Locations: Saudi Aramco, United States, U.S
☆ China's VCs look to the Middle East for a U.S. dollar lifeline
  + stars: | 2023-06-16 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +5 min
China's ties with the Middle East have warmed since Saudi Arabia and Iran restored diplomatic relations earlier this year — through discussions brokered by Beijing. Those tensions and increased regulatory scrutiny in both countries prompted many U.S.-based investors to hold off on investments in Chinese venture capital funds. Middle East capital is looking to step in, especially as countries such as Saudi Arabia and Qatar look to diversify from dependence on fossil fuels. However, many potential investments in Chinese funds are still in discussion, the venture capital funds said. Preqin data showed the share of Middle East sovereign wealth funds' investment in alternative assets worldwide roughly doubled between 2021 and the first half of 2022.
Persons: Faisal bin Farhan al, Saud, Hu Chunhua, Fayez Nureldine, Morgan Stanley, Khalid Al, CNBC's Dan Murphy, Falih, PIF, Massimo, Aysar Tayeb, Prosperity7, Tayeb, Abu Organizations: Saudi, Political Consultative, China Business Conference, Afp, Getty, BEIJING — Venture, U.S ., CNBC, Public Investment Fund, Investment, Conference, Prosperity7 Ventures, Business, of, Local Locations: Riyadh, BEIJING, China, Saudi Arabia, Iran, Beijing, U.S, Qatar, Middle East, Asia, East, Saudi, Al, Aramco, Hyperview, Shanghai, UAE, of Dubai, Abu Dhabi
☆ Five Chinese startups that survived a tough year of Covid lockdowns
  + stars: | 2023-01-03 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +6 min
Qilai Shen | Bloomberg | Getty ImagesBEIJING — In a year of Covid lockdowns and travel restrictions, some Chinese startups that survived found growth online and overseas. The startup avoided significant impact from China's Covid lockdowns since it could deliver its products virtually, Jiang said. The company aggressively pushed overseas in 2022 – launching subsidiaries in Tokyo, Seoul, Germany, Dubai, Los Angeles and Hong Kong, Wan said. Previously, Wan said that Keenon had seen revenue at least double or more every year from a lower base, when the China market was growing. The company has a staff of 100 people in the southern Chinese province of Guangdong and Los Angeles, Lin said.
☆ This chip startup wants machines to see the world the way humans do. Check out the 13-slide pitch deck Prophesee used to raise $50 million.
  + stars: | 2022-09-26 | by ( Hasan Chowdhury | ) www.businessinsider.com   time to read: +2 min
French semiconductor startup Prophesee has raised 50 million euros in fresh funds. Check out the 13-slide pitch deck it used to raise the capital from Aramco's venture fund. A startup that uses computer vision technology to mimic the way the human brain and eye work has raised 50 million euros (around $50 million) in a round led by Aramco's venture capital fund. The company has built a significant partnership with Sony that has resulted in a fresh sensor that combines Prophesee's technology with Sony's electronic chip sensor technology. Check out the 13-slide pitch deck used to raise the fresh funds below:
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