The company has also received backing from Daniel Gross, cofounder of search engine Cue, and startup accelerator Y Combinator. Saudi Aramco's investment vehicle Prosperity7 led a funding round last year that saw Rain raise $25 million, but was later forced to sell its share following scrutiny from the Committee on Foreign Investment in the United States (CFIUS). Rain AI has not yet responded to a request for comment from Business Insider.
Key takeaways:
- OpenAI has signed a letter of intent to spend $51 million on chip startup Rain AI, with the payment due when the chips are released.
- OpenAI CEO Sam Altman has reportedly invested over $1 million of his own money in Rain AI.
- Rain AI, which makes chips that imitate how brains work, is also backed by Daniel Gross, cofounder of search engine Cue, and startup accelerator Y Combinator.
- Saudi Aramco's investment vehicle Prosperity7 had to sell its share in Rain AI following scrutiny from the Committee on Foreign Investment in the United States (CFIUS).