(Reuters) -SoftBank has approved a second installment of $22.5 billion to complete its $30 billion investment in OpenAI, tech news website the Information reported on Saturday. The Japanese investment group’s board has approved the installment as long as the artificial intelligence startup completes a corporate restructuring that would pave the way for an eventual public […]
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SoftBank approves remaining $22.5 billion of OpenAI investment, the Information reports
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(Reuters) -SoftBank has approved a second installment of $22.5 billion to complete its $30 billion investment in OpenAI, tech news website the Information reported on Saturday.
The Japanese investment group’s board has approved the installment as long as the artificial intelligence startup completes a corporate restructuring that would pave the way for an eventual public offering, the report said, citing a person with knowledge of the decision.
Reuters could not immediately verify the report. SoftBank and OpenAI did not immediately respond to a request for comment.
The money would fill out a $41 billion financing round that was announced in April, according to the Information report.
SoftBank had earlier agreed to fund OpenAI with $10 billion in mid-April and an additional $30 billion in December, contingent on the AI firm transitioning to a for-profit structure by the end of the year.
However, the tech investment firm had said that if OpenAI’s restructuring fails, the investment amount would drop to $20 billion.
(Reporting by Chandni Shah in Bengaluru; Editing by Diane Craft and Matthew Lewis)