Al Moammar Information Systems (MIS) has invested $5 million (SAR 18.8 million) in OpenAI, the Microsoft-backed company that rose to fame after the launch of artificial intelligence (AI) chatbot ChatGPT.
The deal valued OpenAI at $86 billion (SAR 322.5 billion).
The stake was acquired through a sale round of OpenAI employee shares, according to a statement published in the Saudi Stock Exchange. The deal was advised by Decisive Capital Management, Geneva, Switzerland.
Earlier this month, MIS’ board of directors approved a decision to allocate SAR 40 million ($10.7 million) to set up an investment portfolio to invest in international AI companies, in order to “take advantage of the growth opportunities in the field”.
In January, the firm invested $5 million (SAR 18.8 million) in AI firm Anthropic.
