This line-up of stories will help you discover the latest happenings around the tech world, today.
1. OpenAI’s worth surges to $80bn in new deal
OpenAI, with backing from Microsoft, has finalized a deal that has catapulted the company’s valuation to over $80 billion.
This development was confirmed in a statement seen by Ripples Nigeria on Tuesday February 20, 2024.
This substantial valuation hike stems from a recent transaction involving the sale of existing company shares, orchestrated through a tender offer spearheaded by venture firm Thrive Capital.
In a notable departure from traditional fundraising routes, this arrangement allows OpenAI staff to capitalize on their shares, setting it apart from conventional capital-raising avenues.
A parallel deal last year pegged OpenAI’s value at around $29 billion, with notable venture capital entities including Thrive Capital, Sequoia Capital, Andreessen Horowitz, and K2 Global participating in a similar tender offer to procure OpenAI shares.
Furthermore, OpenAI CEO Sam Altman is purportedly in talks to secure funding for a chip venture, with the aim of fortifying global chip manufacturing capabilities to bolster the advancement of new AI-driven tools.
Trivia: A FAT32-formatted volume can contain how many clusters?
A. 286,428
B. 5,684,842
C. 82,543,320
D. 268,435,456
See Answer below
2. UAE’s The Cloud secures $12M in Series B funding round
UAE-based cloud kitchen enterprise, The Cloud, has announced raising a $12 million in funding, led by Middle East Venture Partners (MEVP) and Olayan Financing Company forming part of The Cloud’s broader $30 million Series B endeavor.
George Karam, CEO of The Cloud, confirmed this funding in a statement seen by Ripples Nigeria on Tuesday February 20, 2024.
Ripples Nigeria gathered that Rua Growth Fund also participated in the round alongside a debt financing from Aluna Partners.
Founded in 2019 by Kamil Rogalinski and Georges Karam, The Cloud operates as a B2B2C foodtech startup, facilitating restaurant owners in maximizing kitchen efficiency by accommodating external food delivery services.
The influx of capital is earmarked to accelerate The Cloud’s growth trajectory, with a significant portion designated for international expansion, bolstering operational capabilities, and further refining the company’s proprietary technological platform.
On the prospect of the new deal, George stated: “Our Series B funding round and the acquisition of KBOX underscore our pioneering role in the global food tech arena.
“With a total raised capital of $22 million, our focus now shifts towards strengthening our market presence in the UAE and beyond.
“Our internally developed technology and proactive acquisition strategy epitomize our vision for industry consolidation and our dedication to scaling robust indigenous brands on an international scale.
“Looking ahead, we remain actively engaged in pursuing strategic acquisitions while concurrently seeking additional capital.”
Trivia Answer: 268,435,456
FAT32 Stands for “File Allocation Table 32-bit.” FAT32 is a 32-bit version of the FAT file system. Formerly the default file system on Windows, it is now most commonly used on small removable flash drives due to its wide cross-platform support on computers, game consoles, and other devices. It supports a maximum individual file size of 4 GB, and a maximum volume size of 2 TB.
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