TOKYO: SoftBank has approved a second installment of US$22.5 billion to complete its US$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 US$41 billion financing round that was announced in April, according to the Information report.
SoftBank had earlier agreed to fund OpenAI with US$10 billion in mid-April and an additional US$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 US$20 billion.
© New Straits Times Press (M) Bhd
