OpenAI gets $4B revolving credit line, on top of the $6.6B

Author

Noel Moldvai
October 10, 2024

TL;DR

  • OpenAI gets $4B revolving credit line, on top of the $6.6B

  • Dave Clark launches Auger, raises $100M for the AI venture

  • AI legal tech startup EvenUp raises $135M to hit unicorn status

  • Grindr Aims to Build the Dating World’s First AI ‘Wingman’

  • Shield AI’s founder on death, drones in Ukraine, and the AI weapon ‘no one wants’

  • DOJ indicates it’s considering Google breakup following monopoly ruling

OpenAI Gets $4B Revolving Credit Line, on Top of The $6.6B

OpenAI secured a $4 billion revolving credit facility from major banks, boosting its liquidity to over $10 billion. This funding enhances OpenAI’s flexibility to invest in new initiatives and scale operations. CFO Sarah Friar highlighted the strengthened balance sheet and support from leading banks, which will aid OpenAI's focus on AI research and growth.

Dave Clark Launches Auger, Raises $100M for the AI Venture

Dave Clark, former Amazon and Flexport executive, launched Auger, a logistics software startup backed by $100 million from Oak HC/FT. Auger aims to streamline supply chain management using AI to unify data sources and provide real-time insights. It targets midsize to large businesses, addressing their reliance on outdated tools and fragmented systems.

AI Legal Tech Startup EvenUp Raises $135M to Hit Unicorn Status

EvenUp, a legal tech startup focused on AI solutions for the personal injury sector, raised $135 million in a Series D round led by Bain Capital Ventures, reaching a valuation of over $1 billion. The AI-driven platform aids in document generation and case preparation, aiming to close the justice gap for injury victims.

Grindr Aims to Build the Dating World’s First AI ‘Wingman’

Grindr plans to release an AI "wingman" by 2027 to assist its 14 million users in managing conversations, recommending matches, and even setting up dates. The AI agent will evolve to make reservations and interact with other AI agents. User privacy is a key focus, with cautious feature development and testing.

Shield AI’s Founder on Death, Drones in Ukraine, and the AI Weapon ‘No One Wants’

Shield AI co-founder Brandon Tseng discussed the company's AI drones used in Ukraine, highlighting their ability to operate without GPS. Tseng opposes fully autonomous lethal weapons, emphasizing human decision-making in warfare. Shield AI aims to deploy AI technology across various defense systems, focusing on scalable, remote-controlled operations like those depicted in "Ender's Game."

DOJ Indicates It’s Considering Google Breakup Following Monopoly Ruling

The DOJ recommended changes to Google's search practices, potentially leading to a breakup of the company. It suggested limiting default agreements, enhancing data access for competitors, and prohibiting anti-competitive use of products like Chrome and Android. Google plans to appeal, while experts believe eliminating exclusive agreements is more likely than a full breakup.

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Until next week!

Cheerio,
-Noel