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<ul class="summary-list"><li>OpenAI just secured $6.6 billion in its latest funding round.</li><li>The company asked investors not to back its rivals like Elon Musk's xAI, per Reuters.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> is once again throwing shots at the artificial intelligence company he co-founded.OpenAI, which Musk co-founded with CEO Sam Altman and 9 other people in 2015, said on Wednesday that it completed a record funding round of $6.6 billion at a $157 billion valuation, making it the most valuable startup in the world.That funding round, which included <a target="_blank" class="" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">big-name investors</a> like Thrive Capital, Microsoft, and Nvidia, had a stipulation that Musk isn't so happy with: Don't support OpenAI's rivals.According to anonymous sources speaking with <a target="_blank" class="" href="https://www.reuters.com/technology/openai-tells-investor-not-invest-five-ai-startups-including-sutskevers-ssi-2024-10-02/">Reuters</a>, OpenAI asked investors for an exclusive funding agreement, in which they would refrain from backing five of its competitors.The list, according to the report, was Perplexity, Glean, Anthropic, Ilya Sutskever's Safe Superintelligence, and Musk's xAI, which developed Grok.The Financial Times <a target="_blank" class="" href="https://www.ft.com/content/66e0653e-c446-47b2-8a7f-baa54ccbfb9a">also reported </a>that OpenAI sought exclusivity.On Wednesday, Musk responded to posts on X criticizing OpenAI's request. He twice wrote, "OpenAI is evil."After leaving OpenAI in 2018, <a target="_blank" class="" href="https://www.businessinsider.com/history-of-elon-musk-and-sam-altman-relationship-feuds-2023-3#musk-has-taken-shots-at-openai-on-several-occasions-since-leaving-6">Musk's relationship with the company and Altman</a> became increasingly combative.In February 2020, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-criticizes-openai-dario-amodei-artificial-intelligence-safety-2020-2">Musk</a> criticized the company for a lack of transparency and commitment to safety.In March, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-drops-lawsuit-against-sam-altman-and-openai-2024-6">Musk</a> accused the company in a lawsuit of violating its founding principle of building AI that benefits humanity. He later dropped the suit.In August, Musk filed <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-sues-openai-sam-altman-again-why-2024-8">another lawsuit against OpenAI</a>, this time arguing that the executives "deceived" him into cofounding the company.Musk and a spokesperson for OpenAI did not respond to a request for comment.While the request for an exclusive funding round is rare, it's not unprecedented, according to venture capitalists who spoke with the FT.Uber and Lyft, for example, asked investors not to back their rivals for six months to a year during fundraising rounds well before their initial public offerings, <a target="_blank" class="" href="https://www.wsj.com/articles/uber-and-lyft-force-investors-to-play-favorites-1424811518">The Wall Street Journal </a>reported in 2015.Some of OpenAI's investors have already backed other AI startups. SoftBank, for one, has been <a target="_blank" class="" href="https://www.businessinsider.com/openai-softbank-investment-ai-vision-2024-10">doubling down</a> on hardware and software after a string of disastrous pre-pandemic bets, like WeWork.

Elon Musk called OpenAI 'evil' for telling investors not to fund his company and other rivals

<ul class="summary-list"><li>Mira Murati announced her departure from OpenAI last week.</li><li>In an X post, Murati wrote, "I'm stepping away because I want to create the time and space to do my own exploration."</li></ul>Venture capitalists are clamoring to meet with Mira Murati, the former CTO of OpenAI, as Silicon Valley expects her to start her own company soon."We're trying to get in front of her," said one venture investor. "I cold-emailed her," another investor told Business Insider.Murati did not respond to a request for comment.In a X post, Murati <a target="_blank" class="" href="https://www.businessinsider.com/mira-murati-openai-cto-leaving-executive-memo-staff-2024-9">announced her departure</a> from OpenAI last week. Murati wrote, "My six-and-half years with the OpenAI team have been an extraordinary privilege…There's never an ideal time to step away from a place one cherishes, yet this moment feels right."Murati also added, "I'm stepping away because I want to create the time and space to do my own exploration."VCs have been <a target="_blank" class="" href="https://www.businessinsider.com/ai-investments-vcs-startups-valuations-2024-3">competing</a> to be among the first checks into a startup founded by former OpenAI employees. Dozens of former OpenAI staffers, including the startup's other cofounders, <a target="_blank" class="" href="https://www.businessinsider.com/former-openai-employees-who-left-launch-vc-backed-ai-startups-2024-1">have gone on to start companies over the past few years.</a> Former OpenAI chief scientist Ilya Sutskever raised $1 billion for AI research lab Safe Superintelligence, reported <a target="_blank" href="https://www.reuters.com/technology/artificial-intelligence/openai-co-founder-sutskevers-new-safety-focused-ai-startup-ssi-raises-1-billion-2024-09-04/">Reuters</a>. Andrej Karpathy started Eureka Labs focused on applying AI to education.<a target="_blank" class="" href="https://www.businessinsider.com/amazon-invests-4-billion-in-anthropic-2023-9">Anthropic was started in 2021</a> by Dario Amodei and a group of researchers within OpenAI. Aravind Srinivas, a former research scientist at OpenAI, founded the San Francisco-based AI search engine <a target="_blank" class="" href="https://www.businessinsider.com/perplexity-raising-new-funding-generative-ai-2024">Perplexity.</a>Murati joined OpenAI in 2018 to work on supercomputing strategy. She had previously worked at Tesla, focused on the electric car maker's Model X vehicle. At OpenAI, Murati oversaw the teams that developed the company's two flagship products, ChatGPT and Dall-E.In response to Murati's sudden departure, OpenAI CEO <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-openai-future-abundant-energy-intelligence-growth-2024-9">Sam Altman</a> wrote on X, "I obviously won't pretend it's natural for this one to be so abrupt, but we are not a normal company, and I think the reasons Mira explained to me (there is never a good time, anything not abrupt would have leaked, and she wanted to do this while OpenAI was in an upswing) make sense."This comes amid OpenAI's latest <a target="_blank" class="" href="https://www.businessinsider.com/openai-fundraising-150-billion-valuation-new-funding-round-altman-thrive-2024-9">fundraise of $6.5 billion.</a> Thrive Capital is leading the latest round with a $1 billion investment at a valuation of $150 billion before the investment, with SoftBank, Coatue, and Microsoft also participating, reported <a target="_blank" href="https://affiliate.insider.com?h=f904b52b37104c96afbbf0032cfadafdf6f3ce2c5e74e4595b74136eef000573&amp;postID=66fb0d20e5b54083003d2c8f&amp;postSlug=mira-murati-exits-openai-venture-capitalist-startup-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fsoftbank-to-invest-500-million-in-openai%3Frc%3D8tzurb">The Information</a>. OpenAI is also restructuring from a nonprofit subsidiary to a for-profit benefit corporation and planning to give Altman equity for the first time, reported <a target="_blank" class="" href="https://www.reuters.com/technology/artificial-intelligence/openai-remove-non-profit-control-give-sam-altman-equity-sources-say-2024-09-25/">Reuters.</a>Two other technical executives– Bob McGrew, chief research officer, and Barret Zoph, vice president of research– also announced their departures last week. Altman and Wojciech Zaremba are the only co-founders remaining from the 11-person founding team.Zaremba wrote in a viral X post, "Their departures made me think about the hardships parents faced in the Middle Ages when 6 out of 8 children would die prematurely," he wrote. "Despite the profound loss, the parents had to accept it and find deep joy and satisfaction in the 2 who survived."

VCs are rushing to meet with former OpenAI CTO Mira Murati in hopes of funding a new company

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, <keyword id="20848502" type="General" weightage="20" keywordseo="mutual-fund-distributors" source="keywords">Mutual fund distributors</keyword> will now have the opportunity to receive trail commissions from <keyword id="20030502" type="General" weightage="20" keywordseo="asset-management-companies" source="keywords">Asset Management Companies</keyword> (AMCs) for assets transferred by an investor from one distributor to another. This change follows numerous requests from Mutual Fund Distributors (MFDs) to review the current AMFI Registration Number (ARN) transfer norms. These norms currently prevent AMCs from paying trail commissions to the new distributor when an investor transfers their assets to a new <keyword id="20094258" type="General" weightage="20" keywordseo="mfd" source="keywords">MFD</keyword>. In a communication to its members on Tuesday, <keyword id="20090034" type="General" weightage="20" keywordseo="association-of-mutual-funds" source="keywords">Association of Mutual Funds</keyword> in India (Amfi) permitted AMCs to pay trail commission to distributors in case a client transfers his assets from one distributor to another. However, AMCs can only pay trail commission after cooling off period of six months from the date of transfer of assets by investors. "In respect of change in distributor/ ARN code initiated by the investor, the AMCs may consider making payment of trail commission to the transferee distributor after a cooling off period of six months from the change of distributor code in the unitholder database," the industry body said. Further, It said that the payment of commission to the new (transferee) distributor would be based on the lower of the commission rate of the transferor and the transferee distributor. The mutual fund body further clarified that apart from trail commission, no other payments of any kind, including incentives, will be made regarding changes in the distributor. The industry body Amfi noted that the current ARN rule was introduced over a decade ago to curb certain market practices prevailing then, which may no longer be prevalent, and also since the transferee mutual fund distributor provides the same level of support and service to the concerned investors on the transferred assets.

Mutual Fund distributors to get trail commissions for investor asset transfers

<ul class="summary-list"><li>The University of California, Berkeley, is the top producer of alumni starting tech companies.</li><li>Founded by Jeremy Fiance, The House Fund targets Berkeley-affiliated startups like Databricks.</li></ul>In the last year, tech investors have plowed tens of millions of dollars into Perplexity, the developer of a search engine built from scratch with artificial intelligence. The two-year-old startup <a target="_blank" class="" href="https://www.businessinsider.com/perplexity-raising-new-funding-generative-ai-2024">takes in cash like oxygen,</a> having raised <a target="_blank" class="" href="https://www.businessinsider.com/ai-startups-rapid-funding-rounds-2024-9">back-to-back funding rounds</a> just months apart, and is <a target="_blank" class="" href="https://www.wsj.com/tech/ai/ai-startup-perplexity-in-funding-talks-to-more-than-double-valuation-to-8-billion-54d36787">said to be in talks</a> to raise a fourth round that would value the startup at $8 billion.Landing a spot on Perplexity's cap table is fiercely competitive, making it all the more noteworthy that The House Fund, a bespoke venture capital firm born from the University of California, Berkeley's ecosystem, secured a place.In 2016, tech investor Jeremy Fiance set up a venture capital firm at his alma mater to invest in startups with ties to top-tier public schools. From an office across from the College of Computing, Data Science, and Society, investors at The House Fund scour their networks for students, faculty, and alumni working to build the next Perplexity, whose CEO Aravind Srinivas is a Berkeley alum, or Databricks, one of the <a target="_blank" class="" href="https://www.businessinsider.com/databricks-acquires-startup-lilac-ai-to-beef-up-its-llm-offerings-2024-3">world's most important data science firms</a> with a private valuation of $43 billion, started by a group of seven Berkeley researchers. The House Fund has backed both."There are only so many companies that matter every year, full stop, in venture," said Zachary Hargreaves, a managing partner at The House Fund. Each year, more firms are "birthed out of Berkeley."<div type="image" title="Two men looking relaxed smile for a photo against a black backdrop." height="2250" width="3000" msid="114433088" hostid="261" sizebytes="116306"></div>In early 2020, Hargreaves <a target="_blank" class="" href="https://www.businessinsider.com/30-rising-venture-capitalist-investors-silicon-valley-tech-2018-4">left Founders Fund</a>, where he worked closely with startups like SpaceX and Stemcentrx, to run his own playbook as an advisor and angel investor. During this period, an old classmate from Berkeley, Fiance, started asking his advice about which companies in the portfolio he should reinvest in."I was learning more and more about what The House Fund is from the outside in," Hargreaves said. "It feels very small but then from the inside out, it's actually very big in terms of the opportunity set."In the two years since Hargreaves went full-time, The House Fund has deployed over $125 million into companies. His move from Founders Fund to The House Fund hasn't been previously reported.Investors pay much attention to Stanford and the Massachusetts Institute of Technology for their conveyor belts of entrepreneurial talent. Neither have spawned quite as many startup founders in the last decade at Berkeley. According to <a target="_blank" class="" href="https://pitchbook.com/news/articles/pitchbook-university-rankings">PitchBook data</a>, Berkeley has the highest tally of alumni entrepreneurs who have raised venture capital of any public or private school worldwide.Hargreaves predicts that the group will grow as the use of artificial intelligence makes it cheaper and faster for students and alumni to spin up new businesses. "You can actually be three kids in a garage and launch pretty fierce products," he said.With Hargreaves on board, Fiance hopes to invest later in companies it previously backed. His hiring gives the firm the resources and knowledge to help founders shape their businesses into the next generation of Berkeley-born unicorns, as well as diligence them for potential follow-on financing. The House Fund said it can write checks up to $10 million.The House Fund has raised over $330 million from backers, including the Berkeley Endowment Management Company, UC Investments (the office that manages the working capital, retirement savings, and endowment funds for the University of California system), and Ahoy Capital, a boutique fund manager.Hargreaves put the firm's value add this way: "If we are on your cap table, we are a shortcut to anything Berkeley."

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Elon Musk called OpenAI 'evil' for telling investors not to fund his company and other rivals

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VCs are rushing to meet with former OpenAI CTO Mira Murati in hopes of funding a new company

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Mutual Fund distributors to get trail commissions for investor asset transfers

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These tech investors are trawling UC Berkeley to fund the next Perplexity or Databricks

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