A source close to the situation claims that OpenAI, well known for its well-liked generative artificial intelligence (AI) tool ChatGPT, is actively pitching its services to Fortune 500 businesses.
Sam Altman, the CEO of OpenAI, and Brad Lightcap, the COO, reportedly met with hundreds of executives from large corporations in San Francisco, New York, and London on April 12.
The focus of the pitch was on OpenAI’s enterprise products, such as ChatGPT Enterprise, a feature-rich chatbot service designed for business use, and software that uses application programming interfaces (APIs) to connect client apps with OpenAI’s AI services.
The two mentioned that the consumer version of the chatbot is already in use by over 92% of Fortune 500 organizations. OpenAI emphasized security and privacy when reassuring potential customers that ChatGPT Enterprise data will not be utilized to train its algorithms. This comes after OpenAI was linked to several lawsuits alleging data breaches.
With this move, OpenAI will now face competition from Microsoft, its main financial sponsor, which already provides some OpenAI services via its own platforms.Since Microsoft already provides access to OpenAI’s technology through its Azure cloud and Microsoft 365 Copilot, some executives expressed doubts about paying for ChatGPT Enterprise in addition to their current Microsoft service plans.The anonymous sources in attendance claimed that Altman and Lightcap allayed these worries by emphasizing the advantages of working directly with OpenAI’s team, which they said included having access to state-of-the-art models and AI solutions that were specially designed to meet the demands of businesses with a $68 billion market capitalization as of March 2024, OpenAI is expected to generate $1 billion in revenue by the end of 2024.
It wants sales of its enterprise model to significantly boost its revenue. Over 600,000 people have signed up for ChatGPT Enterprise and Team during the meetings, up from 150,000 in January, according to Lightcap, which suggests that there is a growing demand for AI solutions in the corporate sector.
Additionally, OpenAI is said to have been pitching its Sora video creation tool to Hollywood studio executives and holding discussions with them. Although there has been much excitement about the technology, questions about the source of training data, output reliability, and copyright protection all remain.