The venture, internally dubbed 'DeployCo', will be valued at $10bn as part of a funding round expected to close in early May. OpenAI will contribute an initial $500m of equity, with an option to deploy a further $1bn at a later date, bringing its total potential commitment to $1.5bn. DeployCo, a Delaware-listed LLC majority owned and controlled by OpenAI through super-voting shares, is currently managed by Brad Lightcap, until recently the company's chief operating officer. Its primary clients will be portfolio companies of the private equity firms involved, with the venture charging businesses to embed AI into their operations. Lightcap has overseen the hiring of dozens of so-called 'forward deployed engineers', a model pioneered by US software group Palantir, whereby developers are embedded directly within client companies. The structure offers OpenAI what one person described as 'patient capital, locked up for five years', while the guaranteed return floor reduces the risk for...
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