MIS invests SAR 18.8M in OpenAI

Logo of Al Moammar Information Systems (MIS)

Al Moammar Information Systems (MIS) invested $5 million (SAR 18.8 million) to acquire a stake in OpenAl, Inc. 

In a statement to Tadawul, MIS said the stake was acquired through a sale round of OpenAI employee shares, where the company was valued at $86 billion (SAR 322.5 billion). 

Geneva-based Decisive Capital Management was the financial advisor on the deal, MIS noted. 

OpenAI is a recognized leader in the field of artificial intelligence (AI), pioneering with the support of Microsoft, in large language models (LLMs) with ChatGPT, which redefine language understanding and innovation. 

Any material developments in this regard will be announced in due course, the statement added. 

MIS board of directors approved allocating SAR 40 million to establish a self-financed investment portfolio in the field of AI, Argaam earlier reported. 

The company announced on Jan. 21 investing $5 million (SAR 18.8 million) in Anthropic.