Startups and VCUpdated Yesterday

OpenAI now seeks up to $20 billion

OpenAI raised $11 billion in the first close of a larger round, Al Jazeera reported, citing Reuters and two investors. That is a first-close amount, not the revised target or the round total. CNBC reported on Oct. 31 that OpenAI was seeking up to $20 billion, down from an earlier target of about $30 billion. The round was still in progress at the time, and CNBC said the figures could change. Its report linked the lower target to a broader tech selloff and heightened investor scrutiny of AI spending.

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