OpenAI, the name behind the popular ChatGPT AI chatbot, is set to double its annual revenue to $3.4 billion. The majority of this revenue, approximately $3.2 billion, is generated from the company’s products and services. An additional $200 million is projected to come from providing access to its AI models through Microsoft Azure. This information was shared by CEO Sam Altman during an all-hands meeting on Wednesday, as per The Information.
OpenAI’s revenue growth and strategic initiatives
OpenAI’s revenue has seen a significant increase from $1.6 billion in late 2023 to the current projected figure of $3.4 billion. This growth can be attributed to OpenAI’s strategic initiatives, including selling services to enterprise customers and developing a more advanced AI model. The company’s success is also linked to the popularity of ChatGPT, which has played a key role in the rise of generative AI.
OpenAI appoints Sarah Friar as CFO
OpenAI has appointed Sarah Friar, former CEO of Nextdoor Holdings, as its new chief financial officer. This position has been vacant at the company for two years. Friar’s role will involve managing OpenAI’s finances and supporting its global business growth while continuing to invest in AI research. Her appointment comes at a time when the company is experiencing significant revenue growth and expanding its services to enterprise clients.OpenAI has also appointed Kevin Weil as the Chief Product Officer.
The article originally appeared on NewsBytes.