ChatGPT maker OpenAI raises $300 million via share sale; Italy lifts ban on chatbot

Going viral on social media for its ability to interact like a person, write entire articles, clear exams and even interpret data from images, ChatGPT has emerged as tech's next big thing. After starting an AI revolution, attracting investment from Microsoft, and sending seasoned players such as Google and Meta scrambling for an alternative, OpenAI is cashing in on ChatGPT's popularity.

Although it has raised concerns among several quarters, ChatGPT has helped its parent firm bag $300 million from a share sale, and hit a valuation of up to $29 billion.

More funds, less obstacles

But the fundraiser isn't the only good news for OpenAI, as Italy has also lifted its ban on ChatGPT, and the firm has reiterated its commitment to protecting user data.

Italy had become the first western country to bar people from using ChatGPT, while the AI chatbot had already faced action earlier in New York, where it was banned at schools.

The latest funds will boost OpenAI in addition to the $10 billion infusion by Microsoft, which also integrated ChatGPT into its search engine Bing.

Next update to take longer?

Shares of the conversational AI giant were bagged by major investors including Sequoia Capital, Tiger International, Andreessen Horowitz, Thrive and K2 international.

Although tech geeks, netizens and businesses are thrilled by ChatGPT-4's capabilities to spot data from visuals and create websites, the firm has said that there are no plans for a fifth rendition as of now.

In India, Tata Sons is already exploring the potential of ChatGPT-generated systems to upgrade operations at Air India.