OpenAI has acquired this AI-backed personal finance app
What's the story
OpenAI has acquired Roi, an artificial intelligence (AI)-driven personal finance app. The news was announced by the company's CEO and co-founder Sujith Vishwajith. However, unlike other recent tech industry acqui-hires, only Vishwajith is making the move to OpenAI from Roi's four-person team. The financial details of the deal have not been disclosed yet.
Service termination
Roi will stop operating post-acquisition
Post-acquisition, Roi will stop operating and discontinue its services to customers on October 15. This move is in line with OpenAI's recent trend of acqui-hires, which also includes Context.ai, Crossing Minds, and Alex. The acquisition of Roi fits into OpenAI's strategy to focus on personalization and life management as the next frontier in AI products.
Tech evolution
Roi raised $3.6M in early-stage funding
Founded in 2022, New York-based Roi has raised $3.6 million in early-stage funding from investors such as Balaji Srinivasan, Spark Capital, Gradient Ventures, and Spacecadet Ventures. The app was designed to bring together a user's financial footprint, stocks, crypto, DeFi, real estate and NFTs, into one platform that could track the funds, provide insights, and facilitate trades. It also offered users a financially savvy AI companion that responded according to their preferences.
Strategic fit
OpenAI's consumer product push
Roi's approach to personalization fits perfectly with OpenAI's existing consumer efforts. These include Pulse, which gives users personalized news and content reports while they sleep, and the Sora app, a TikTok rival filled with AI-generated content including personal cameos from users. There's also Instant Checkout, enabling shopping and purchases directly in ChatGPT.