OpenAI, the artificial intelligence research laboratory, has been making waves in the M&A (mergers and acquisitions) space. After recently acquiring database tech firm Rockset, OpenAI has now purchased Multi, a startup that focuses on developing a video-first collaboration platform for enterprises. While the deal is technically an acquihire, with most of Multi’s team joining OpenAI, it represents OpenAI’s continued investment in enterprise solutions.
Multi, founded by Alexander Embiricos and Charley Ho, aimed to create a Zoom-based platform that enables remote teams to collaborate effectively through video chats. The platform offered features such as collaborative screen sharing with up to 10 participants, customizable shortcuts, and automatic deep links for code, designs, and documents. Despite its promising features, Multi will be shutting down after July 24 following its acquisition by OpenAI.
Prior to the acquisition, Multi had raised $13 million in funding from venture capital firms like Greylock and First Round Capital. This successful fundraising highlights the potential investors saw in Multi’s video collaboration platform, further solidifying OpenAI’s interest in the enterprise market.
OpenAI’s recent focus on enterprise solutions seems to be paying off. The company recently revealed that its viral AI-powered chatbot platform, ChatGPT, had gained close to 600,000 users in the corporate tier, including 93% of Fortune 500 firms. This widespread adoption indicates the demand for AI-powered tools in the business world.
In line with its enterprise strategy, OpenAI has also partnered with PwC to resell its tools to other businesses and launched a business-oriented custom AI model tuning and consulting program. These initiatives have contributed to OpenAI’s expected revenue of over $3.4 billion this year, as reported by The Information.
Given OpenAI’s track record of expanding and improving its flagship models, such as GPT-3, it wouldn’t be surprising to see OpenAI integrate videoconferencing and remote collaboration capabilities into ChatGPT or develop a separate tool for these purposes. As the organization continues to innovate and adapt to market demands, its enterprise-focused approach is likely to play a significant role in its future growth.
In conclusion, OpenAI’s acquisition of Multi aligns with its strategy of investing in enterprise solutions. With its successful chatbot platform and partnerships with industry-leading firms, OpenAI is well-positioned to capitalize on the growing demand for AI-powered tools in the business world. As OpenAI continues to expand and improve its offerings, it will likely shape the future of collaboration and communication in the enterprise space.