US-based Open AI, the company behind the popular Chat GPT AI application, is experiencing rapid growth, with annual revenue reaching two billion dollars, or around 1.9 billion euros. Sources indicate that the company believes it will be able to double this figure this year, driven by strong interest from business customers in using generative AI tools in the workplace.
Founded in 2015 as a non-profit research project, Open AI established its business unit in 2020 and launched the Chat GPT app in November 2022. According to the company, over 90 percent of the largest US companies used either Chat GPT or the GPT-4 AI model behind the app as of last November. The app had more than one hundred million weekly users at the same time.
However, despite its rapid growth, Open AI is currently losing money due to rising development and operating costs associated with artificial intelligence models. To develop even more advanced models, the company may need additional funding. The Financial Times reports that Open AI’s growth rate is one of the fastest in history, comparable only to a select few other technology companies.