OpenAI planning to buy Jony Ive's AI start-up for $500M
What's the story
OpenAI is considering the purchase of io Products, an AI hardware start-up being built by former Apple Chief Design Officer Jony Ive. OpenAI's CEO, Sam Altman, is collaborating with Ive on the start-up. The tech giant could invest about $500 million into the nascent venture, according to The Information. Last year, Ive had confirmed his collaboration with Altman on the project in an interview with The New York Times.
Funding details
It has attracted funding from Emerson Collective
Ive's io Products has received undisclosed funding from Laurene Powell Jobs's Emerson Collective and other investors. The Information also hints that OpenAI could explore a partnership with this innovative start-up rather than an acquisition. As of now, io Products has a small team, including former Apple designers Evans Hankey and Tang Tan.
Product development
io Products is developing AI-enabled devices
The nascent company has been working on a range of concepts for AI-enabled devices, including smart home products. The start-up's mission is to develop products that are "less socially disruptive than the iPhone." This could be seen as similar to Apple's design philosophy of creating user-friendly technology that seamlessly integrates into people's lives. The company's innovative approach might potentially fit with OpenAI's vision of advancing artificial intelligence responsibly and beneficially.