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OpenAI Closes A Whooping $300 Million Funding Round With A $27-$29 Billion Valuation The company behind the famous chatbot closed a more than $300 million share sale at a valuation between $27 billion and $29 billion on Friday.

By Kavya Pillai

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Markus Winkler

Since OpenAI released ChatGPT to the public, the AI tool has shocked users with its advanced skills in responding to questions on a variety of topics. In recent reports, the chatbot reached 100 million monthly active users faster than the video-sharing platform TikTok. The company behind the famous chatbot closed a more than $300 million share sale at a valuation between $27 billion and $29 billion on Friday.

For now, the chatbot's owner said that Italy has lifted its block on ChatGPT after temporarily banning it over data privacy concerns last month. "ChatGPT is available again for our users in Italy. We are delighted to welcome them back and remain committed to protecting their personal data," an OpenAI spokesperson said. The chatbot caused a global sensation when it was released last year for generating essays, songs, exams and even news articles from brief prompts. The AI tool won its laurels for how simple it was to use and the wide range of services this Large Language Model tool offers. Although, tech- critics have pointed out how ChatGPT and its competitors collect and process their data. In March, Italy became the first Western country to take action against the popular AI chatbot.

The country's data protection had said that US firm OpenAI, which developed ChatGPT, had no legal basis to justify the mass collection and storage of personal data for training the algorithms underlying the operation of the platform as the reason for their ban.

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