OpenAI announced an ownership stake in private equity investment firm Thrive Holdings, whose parent company, Thrive Capital, is one of the main investors in, you guessed it, OpenAI. While OpenAI did not spend money on the ownership stake, according to an unnamed source financial TimesThe company announced that it would provide employees, models, products and services to Thrive Holdings’ companies.
OpenAI may also get paid from Thrive Holdings’ future returns foot Wrote citing his unknown source. It’s the latest circular deal in an industry known for running on FOMO and moving money back and forth among a small group of companies.
The partnership will focus on two areas at the top of Thrive Holdings’ priority list: IT services and accounting. According to the announcement release, it is “in high-volume, rules-driven, workflow-heavy processes where OpenAI’s platform can deliver immediate benefits”. The stated goal is to use AI to “boost speed, accuracy, and cost efficiency while strengthening service quality.”
Joshua Kushner, CEO of Thrive Holding & Capital and younger brother of President Trump’s son-in-law Jared Kushner, said AI is unlike previous technologies that have changed industries “from the outside in.” “We believe this paradigm shift will happen from the inside out as domain experts and practitioners use AI as a native tool to reshape their fields,” Kushner said. Trump himself is a staunch supporter of AI, and officials in his administration – such as David Sachs – will benefit from the industry’s growth.
Thrive Holdings aims to “transform them using AI” to acquire IT services and accounting foot wrote. As part of the deal with OpenAI, the startup will get access to data from Thrive Holdings’ companies for AI model training. There are two potential advantages to OpenAI: one, the possibility that it could be incorporated into companies in Thrive Holdings’ portfolio, and two, a rich new source of training data. OpenAI wants to work more broadly with the private equity industry, unnamed source said footA person close to Thrive Capital said OpenAI would serve as the “research arm” of the equity group,
Brad Lightcap, COO of OpenAI, said the Thrive deal could be the first of a new wave of similar agreements.
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