According to media reports, OpenAI, the creator of the ChatGPT chatbot, has successfully raised over USD 300 million in a share sale. The company’s valuation is estimated to be in the range of USD 27 billion to USD 29 billion.

The VC firms that have invested in the round include Andreessen Horowitz, K2 Global, Sequoia Capital, Thrive and Tiger Global. The investors have put in a total of just over $300m, and the valuation of OpenAI is believed to be between $27 billion and $29 billion. According to PitchBook data, several of the VC firms had previously invested in the company. Founders Fund, Tiger and Sequoia are among the VC firms that have backed the firm previously. 

The tender offer was reported to be in the works in January and discussions began then. Investors have signed the term sheets and have transferred the money, according to the report

Italy has lifted its ban on ChatGPT after a temporary block over data privacy concerns last month, according to the chatbot’s owner, OpenAI. An OpenAI spokesperson confirmed on Friday that ChatGPT is once again available for use in Italy. The company expressed its commitment to safeguarding users’ personal data and stated that it is pleased to welcome Italian users back to the chatbot.

The release of ChatGPT last year caused a stir worldwide due to its ability to generate essays, songs, exams, and news articles from short prompts. However, concerns have been raised by some regarding the data collection and processing methods employed by ChatGPT and its competitors. In March, Italy took the first action against the popular AI chatbot, becoming the first Western country to do so.