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<ul class="summary-list"><li><a target="_blank" href="https://openai.com/index/scale-the-benefits-of-ai/">OpenAI announced </a>it raised $6.6 billion in new funding at a $157 billion post-money valuation.</li><li>Tiger Global Management is part of this round, according to two sources familiar with the matter.</li></ul>Tiger Global Management is doubling down on OpenAI, investing in the ChatGPT maker's massive new funding round, according to a source familiar with the matter.<a target="_blank" class="" href="https://openai.com/index/scale-the-benefits-of-ai/">OpenAI announced Wednesday</a> it raised $6.6 billion in new funding at a $157 billion post-money valuation. Thrive Capital is leading the round, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-02/openai-has-closed-new-funding-round-raising-over-6-5-billion">according to Bloomberg.</a> Other investors in this round include Cathie Wood's ARK Venture Fund, Microsoft, Nvidia, Fidelity, and Altimeter. The amount of Tiger's investment couldn't be learned but investors are required to put in a minimum of $250 million, <a target="_blank" class="" href="https://affiliate.insider.com?h=a0c21b230525bf43625dbbc3d14ea971dc3c92b4e4e7def513d06d904be22f70&amp;postID=66fd7dd8d8616474985cc10e&amp;postSlug=tiger-global-openai-latest-funding-round-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Ftiger-global-plans-to-join-openais-funding-round">The Information previously reported.</a>Tiger Global, founded by Chase Coleman, <a target="_blank" class="" href="https://www.businessinsider.com/tiger-global-changed-venture-capital-startups-funding">invested at a furious pace</a> during the tech boom, making 335 investments in 2021, according to Crunchbase. As the market soured, the firm <a target="_blank" class="" href="https://www.businessinsider.com/crossover-funds-tiger-global-d1-deals-2024-2023-12">has been much quieter,</a> but it did purchase $125 million of OpenAI shares at the end of 2021.The closure of OpenAI's new funding round comes just a week after <a target="_blank" class="" href="https://www.businessinsider.com/openai-implosion-investors-vcs-2024-9">three of its top leaders suddenly resigned.</a> Last week, former CTO Mira Murati, former Chief Research Officer Bob McGrew, and former VP of Research for Post Training Barret Zoph announced they were <a target="_blank" rel="" href="https://www.businessinsider.com/sam-altman-openai-note-more-staff-exits-barret-bob-2024-9">leaving the company</a>.<a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/technology/artificial-intelligence/openai-remove-non-profit-control-give-sam-altman-equity-sources-say-2024-09-25/">Reuters reported</a> last week that OpenAI is currently working to transform its corporate structure to become a <a target="_blank" rel="" class="" href="https://www.businessinsider.com/open-ai-sam-altman-equity-stake-valuation-private-nonprofit-9">for-profit benefit corporation</a> no longer under the control of the company's non-profit arm.

Tiger Global is backing OpenAI in new $6.6 billion investment round

<ul class="summary-list"><li>Kong offers a cloud-based API, the pipes through which much of the internet flows.</li><li>The startup is valued at around $2 billion in a new funding round led by Tiger Global Management, sources say.</li></ul>Kong, which offers cloud-based application programming interfaces, is valued at around $2 billion in a new funding round led by <a target="_blank" class="" href="https://www.businessinsider.com/tiger-global-openai-latest-funding-round-2024-10">Tiger Global Management,</a> according to two sources familiar with the matter.The sources asked to remain anonymous because they were sharing confidential information. Kong did not respond to a request for comment. Tiger Global declined to comment.Kong last raised $80 million in Series D funding in 2020, which valued the startup at $1.4 billion. This round was also led by Tiger, according to Pitchbook data. Sapphire Ventures, Lombardstreet Ventures, Index Ventures, CRV, Andreessen Horowitz, and Notable Capital also participated in that round. Other past investors include Goldman Sachs. All told, the company has raised $268 million, excluding this latest round of funding. Founded in 2009 as Mashape in an Italian garage by Augusto "Aghi" Marietti and Marco Palladino, Kong spun out in 2017 and <a target="_blank" class="" href="https://konghq.com/company/press-room/press-release/100m-arr">boasted </a>of having over $100 million in annual recurring revenue last year.APIs are the pipes through which much of the modern internet flows, and Kong counts PayPal, Nasdaq, and Volvo among its customers."It's basically become the nervous system of the internet," <a target="_blank" class="" href="https://www.businessinsider.com/how-kong-surpassed-100-million-in-annual-recurring-revenue-2023-12">Marietti told BI last year.</a>Last week, Tiger Global also <a target="_blank" class="" href="https://www.businessinsider.com/tiger-global-openai-latest-funding-round-2024-10">doubled down on OpenAI,</a> investing in the ChatGPT maker's massive <a target="_blank" class="" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">new $6.6 billion funding round.</a>

Cloud API startup Kong valued at around $2 billion in a new funding round led by Tiger Global

LiquidStack helps data centers cut energy and water use. Check out the 13-slide deck it used to raise $20 million from Tiger Global. 

<ul class="summary-list"><li>D1's Dan Sundheim and SurgoCap's Mala Gaonkar spoke about investing in AI a Chicago conference.</li><li>Sundheim said it won't be private companies leading this tech change for once.</li></ul>The best way to invest in the world's hottest trend is not through seed rounds or even fully-fledged private companies, said D1 Capital Partners founder Dan Sundheim, despite<a target="_blank" href="https://techcrunch.com/2024/10/20/investments-in-generative-ai-startups-topped-3-9b-in-q3-2024/#:~:text=In%20Q3%202024%2C%20VCs%20invested,based%20companies%20across%20127%20deals."> billions flooding into artificial intelligence start-ups</a> last quarter alone.Sundheim, whose portfolio has billions invested in both public and private companies, believes the best way to tap into the <a target="_blank" href="https://www.businessinsider.com/ai-startups-rapid-funding-rounds-2024-9">AI frenzy</a> is through public companies. Speaking at Tuesday's Invest for Kids conference in Chicago, he said that AI, unlike other big technological advances, will be felt across sectors so all companies have an interest in putting money toward it.Large public corporations have the most resources to implement AI across their businesses, according to a recap of his comments viewed by Business Insider. In other words, scale is more of an advantage in the AI field than nimbleness.He said companies putting capital and talent behind AI projects are doing so without expecting a short-term return on their investment. The infrastructure required by these projects, he said, means companies are looking at the ROI a decade from now, not a quarter.Sundheim was speaking on a panel with Mala Gaonkar, the former Lone Pine executive who launched SurgoCap Partners at the start of 2023. From her vantage point, AI will impact industries on different timelines, so over the next three to five years, it's crucial to know which areas will feel immediate benefits and which sectors will take time.Gaonkar said medtech— such as diagnostic imaging — should benefit from AI advances earlier than other sectors.Sundheim also said that because of AI infrastructure needs, there will be investment opportunities in companies that supply the equipment to upgrade the electrical grid.Both firms have had strong years investing in public markets.Gaonkar's fund is up more than 25% this year, <a target="_blank" href="https://www.businessinsider.com/lone-pine-spinouts-struggle-except-mala-gaonkar-surgocap-tiger-cubs-2024-10">BI previously reported</a>, as assets have swelled to more than $3 billion. Sundheim's D1, which according to regulatory filings manages roughly $26 billion, is up more than 34% in its public book though its venture investments have been marked down 2.6% so far in 2024, according to <a target="_blank" href="https://www.institutionalinvestor.com/article/2dw7rnwdclm7wl4q9tr7k/hedge-funds/d1-capitals-dan-sundheim-makes-changes-after-two-consecutive-knockdowns">a recent report from Institutional Investor</a>.The two funds are a part of Julian Roberston's Tiger Management's broader <a target="_blank" href="https://www.businessinsider.com/billionaire-julian-robertsons-tiger-network-spans-hundreds-of-funds-2019-11">Tiger Cub network</a>, which is known for its focus on growth stocks, particularly in the tech sector. Sundheim, who was the CIO at Viking Global before launching D1 in 2018, joined funds like Tiger Global and Coatue in 2020 and 2021 in their aggressive funding of private companies. PitchBook notes that the firm has made 228 investments in private companies since six years ago.While the private portfolio has been a drag on Sundheim's overall returns the last three years — and he's now looking to public giants for AI exposure — he still said Tuesday that the most exciting company in the world is a private one: Elon Musk's SpaceX.D1 has a stake worth roughly $2.5 billion in the company, according to the II report.The two firms declined to comment.

Tiger Grandcubs on AI: How investors Dan Sundheim and Mala Gaonkar are thinking about the space

<ul class="summary-list"><li>Scott Coulter's Cowbird Capital has closed, the second Lone Pine spinout to shutter this year.</li><li>In the past five years, four other alums have either shuttered or stopped trading hedge fund strategies.</li></ul>Lone Pine's saplings are struggling to take root.Scott Coulter's Cowbird Capital closed at the end of summer, several people told Business Insider. It's the latest spinoff from long-running Tiger Cub Lone Pine Capital to shutter. Coulter, who started Cowbird in 2017 and managed roughly $200 million as of March, according to regulatory filings, did not return several requests for comment.Lone Pine, the $16 billion firm led by co-chief investment officers Kelly Granat and David Craver, was founded in 1997 by billionaire Steve Mandel. Mandel had previously worked for Julian Robertson's Tiger Management and was hailed by his late billionaire backer as "probably the greatest analyst of all time."But while Robertson's Tiger is now known as much for its talent development prowess as its investing acumen, Lone Pine's own alumni network has struggled in recent years. The firm has spawned at least 12 hedge funds, but about half of those have shuttered or are no longer running hedge fund strategies.The Tiger Cubs, dubbed so because they're descendants of Roberston's Tiger Management, have lost luster in recent years. Big-name funds like Tiger Global and Coatue suffered serious drawdowns, casting doubt on the cohort's growth-stock focus. Lone Pine, which lost 36% in its long-short fund in 2022, <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-08-28/lone-pine-clients-pulled-about-3-billion-in-span-of-a-year">has battled redemptions</a> and departures.But the struggles of Lone Pine's spinoffs are also a symptom of a larger industrywide trend that sucked money from smaller single-manager funds and redistributed it to more diversified platforms.Allocators, however, still had an appetite for backing launches from big names with significant experience, and the biggest Lone Pine spin-out has had a quietly solid start.<a target="_blank" class="" href="https://www.businessinsider.com/lone-pine-mala-gaonkar-profile-mandel-team-performance-foundation-arts-2021-5">Mala Gaonkar,</a> who previously co-led Lone Pine with Granat and Craver, began trading at her fund SurgoCap in January 2023. It launched with capital from the massive Texas Teachers Retirement System, among others.While Gaonkar has appeared more on <a target="_blank" href="https://www.imago-images.com/st/0417365427">red carpets</a> and <a target="_blank" href="https://omny.fm/shows/river-cafe-table-4/mala-gaonkar">cooking podcasts</a> than on CNBC — her partner is Talking Heads frontman David Byrne, whom she had worked with on various artistic ventures over the years — a person close to the firm told Business Insider that SurgoCap is up more than 25% this year. The firm now manages more than $3 billion, a big jump from the $1.8 billion she started with in 2023.SurgoCap — the largest-ever launch of a woman-run fund — has a few of the big-name tech stocks in its portfolio, including Nvidia, but its biggest holdings are stocks such as healthcare conglomerate McKesson and energy giant GE Vernova. The firm was also a part of the summer fundraising round by Figma after its deal with Abobe fell through at the end of 2023.<h2 id="9c9d8479-a4c4-491e-9072-0c010a34dc17">Inside the Lone Pine family tree</h2>Gaonkar's experience is far from the norm for Lone Pine alums though.Of the seven Lone Pine spinoffs <a target="_blank" href="https://www.businessinsider.com/billionaire-julian-robertsons-tiger-network-spans-hundreds-of-funds-2019-11">Business Insider identified in 2019</a>, two — David Stemerman's Conatus Capital and Scott Phillips' Latimer Light Capital — <a target="_blank" href="https://www.reuters.com/article/markets/wealth/hedge-fund-latimer-light-says-it-is-shutting-down-idUSKCN1OK2AN/">had already closed</a>. Since then, another two from that original list of seven — Matt Iorio's White Elm Capital and Coulter's aforementioned firm — have shuttered while Eashwar Krishnan's Tybourne Capital <a target="_blank" href="https://www.bloomberg.com/news/articles/2021-12-15/tybourne-to-shut-2-8-billion-hedge-fund-on-short-selling-pains">wound down its $2.8 billion hedge fund</a> at the end of 2021 to focus on long-only and private investing.Of those seven funds, only Li Ran's London-based Half Sky Capital and Brian Eizenstat's Dilation Capital are still running hedge fund strategies. Stemerman is now running a new <a target="_blank" href="https://www.businessinsider.com/centerbook-partners-hedge-fund-using-other-firms-to-invest-2024-1">multi-strategy offering called CenterBook Partners</a>, where he is not trading but mining external managers' books to create his portfolio.Other Lone Pine employees have started funds in recent years to mixed results. Paul Eisenstein's Vetamer Capital — a fintech-focused manager that invested in public and private companies — wound down at the beginning of this year after launching in 2020. Nikhil Trikha, who launched California-based Ampersand Capital Group in 2022, has less than $150 million in assets, according to regulatory filings.Meanwhile, former Lone Pine managing director Arthur Wit is launching Perryridge Capital, a new fund focused on healthcare and industrials stocks, later this year and declined to comment for this story.<h2 id="5e979d07-02cc-4225-835b-ed5c4da4f8d5">Is Viking Global now the gold standard?</h2>It's not uncommon for startup hedge funds to struggle to get off the ground and eventually stall out completely. Even though last year was the lowest level of fund liquidations in nearly two decades, according to Hedge Fund Research, there were still more than 400 closures.The pedigree of the greater Tiger Cub universe and the ambition of those who work at these firms means there'll still be a solid supply of new launches from funds like Lone Pine going forward. But the hallmark of Robertson's tenure atop Tiger Management was not just that his proteges would start new funds — it was that these new launches endured.Firms like Lone Pine, Tiger Global, Coatue, Viking Global, Maverick, Light Street, and others have lasted for decades and minted billionaires along the way.The firm that's come closest to filling Tiger Management's shoes appears to be Andreas Halvorsen's $48 billion Viking Global, which has become, to many, the <a target="_blank" href="https://www.businessinsider.com/how-viking-global-thinks-about-analyst-talent-hiring-2024-8">gold standard of talent development</a> in the Tiger Cub world. The firm <a target="_blank" href="https://www.businessinsider.com/viking-global-hedge-fund-launches-grant-wonders-voyager-d1-sundheim-2021-10">has been the launching pad for funds</a> such as Dan Sundheim's D1 Capital and Ben Jacobs' Anomaly. Ning Jin, the firm's longtime CIO, left at the end of August to start his own manager.Indeed, one of the biggest Lone Pine spinouts has a Viking connection: Marco Tablada, who was once on Lone Pine's management committee and worked for Robertson at Tiger Management before that, cofounded Alua Capital with former Viking CIO Tom Purcell in 2020.According to regulatory filings from earlier this year, the firm now manages close to $2.7 billion.

Alums of $16 billion Tiger Cub Lone Pine have struggled to hack it on their own — with one notable exception

A Silicon Valley-based Artificial Intelligence company has opened an office in <keyword id="30033" type="General" weightage="100" keywordseo="bihar" source="Orion">Bihar</keyword>, making it the first IT company from the US to enter the state. <keyword id="3832067" type="General" weightage="50" keywordseo="tiger-analytics" source="Orion">Tiger Analytics</keyword>, headquartered in Santa Clara, has opened its first office in <keyword id="6358805" type="General" weightage="50" keywordseo="patna" source="Orion">Patna</keyword> this month. "We are hoping that the initial step that we are taking, can lead to a lot of progress down the road," Mahesh Kumar, founder and CEO of Tiger Analytics, told PTI in a recent interview. The company currently has some 4,000 employees in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, but they are mostly in Chennai, Bangalore and Hyderabad. Kumar, who is himself from Bihar, said during the COVID crisis a large number of its employees went back home to Bihar and started working remotely. "We have close to a hundred people between Bihar and Jharkhand right now. They're working remotely and they were happy there, they didn't want to come back," he said. "So, we realised that they're very good talented people, young people, they want to stay close to home but there are no opportunities in Bihar for them to work. Even when we set up this office (in Patna), a lot of social media responses came. People are looking forward to Tiger (Analytics) growing there (in Bihar) so they can go back and work from there," Kumar said. Kumar, who interacts with other successful entrepreneurs from Bihar in Silicon Valley regularly, said their goal is to encourage more like-minded people to come together and use it as an initial seed to grow a bigger ecosystem in Bihar. Tiger Analytics is primarily a consulting company in the field of artificial intelligence and machine learning. "We hope that taking this lead into account, many more companies will come to Bihar in the same way," Sandeep <keyword id="14554511" type="General" weightage="50" keywordseo="poundrik" source="Orion">Poundrik</keyword>, Additional Chief Secretary, Department of Industries, Bihar told PTI. A delegation of senior Bihar officials travelled to Silicon Valley this summer for meetings with Bihar-origin successful tech entrepreneurs. "We are trying to get IT companies to start their operations in Bihar. .... . It's not a very easy task, especially because right now there are not many IT companies in Bihar," said Poundrik who is also CEO of the Bihar Foundation, a state government-supported body for its diaspora community. Thousands of engineering students from Bihar currently seek opportunities outside the state due to the limited presence of IT companies within Bihar, he said. Responding to a question, Poundrik acknowledged that it's a little more challenging to attract investment in Bihar in the IT sector. "Number one.... I would say their perception of Bihar is not very positive, especially outside India. Because they have never heard of Patna or Bihar. So if any IT company wants to start their unit, they only think about Chennai, Bangalore or Hyderabad. They never think about Bihar," he said. "Second, I think the market is not local as far as IT is concerned. We have created the infrastructure. So in addition to whatever infrastructure the government has created for startups and IT companies, there's a lot of private infrastructure which has come up in Patna. About 12 IT towers are being developed in Patna in various stages of construction in the Patliputra industrial area," he said. Encouraged by Tiger Analytics' move, the Bihar government is now planning to organise a <keyword id="507960" type="General" weightage="50" keywordseo="global-investors-summit" source="Orion">Global Investors Summit</keyword> in Patna on December 13 and 14. "One of the key priority areas in that summit is IT. We will try to get IT companies from India and outside India to come and at least look at the opportunities, the strengths of Bihar," he said. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/x-starts-rolling-out-audio-and-video-calls-heres-everything-you-need-to-know/articleshow/104716334.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/x-starts-rolling-out-audio-and-video-calls-heres-everything-you-need-to-know/articleshow/104716334.cms" target="_blank">X starts rolling out audio and video calls – here’s everything you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-under-rs-50000-in-india-oneplus-apple-and-google-phones-also-in-the-list/slidelist/104699569.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-under-rs-50000-in-india-oneplus-apple-and-google-phones-also-in-the-list/slidelist/104699569.cms" target="_blank">From Pixel 7 to iPhone 13 – best smartphones under ₹50,000 in India</a><a href="https://www.businessinsider.in/tech/apps/news/how-to-use-two-whatsapp-accounts-on-one-phone/articleshow/104641592.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-use-two-whatsapp-accounts-on-one-phone/articleshow/104641592.cms" target="_blank">How to use two WhatsApp accounts on one phone? A step by step guide</a>

Artificial Intelligence company from Silicon Valley enters Bihar

New Delhi, Around 10 crore shares of online food delivery platform <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword>, amounting to an 1.17 per cent of the company's equity, changed hands on Wednesday at a total deal value of around Rs 947 crore. Japanese company <keyword id="163404" type="General" weightage="50" keywordseo="softbank" source="Orion">SoftBank</keyword>'s <keyword id="18591081" type="General" weightage="50" keywordseo="svf-growth-fund" source="Orion">SVF Growth Fund</keyword> is the likely seller in this mega transaction, according to CNBC TV18. The report had earlier said that SVF Growth Fund may sell 10 crore shares of the company or 1.17 per cent of the total equity via block deals at Rs 94 per share. SVF Growth (Singapore) Pte. Ltd. had 3.35 per cent stake in Zomato, totalling around 28 crore shares. Zomato shares reached near Rs 100 after the block deal, and were hovering around Rs 98.45 in morning. The fresh block sale came after another foreign institutional investor, <keyword id="260318" type="General" weightage="50" keywordseo="tiger-global-management" source="Orion">Tiger Global Management</keyword>, offloaded its entire shareholding of 1.44 per cent in Zomato on Monday. The deal earned Tiger Global a total of Rs 1,123.85 crore. US-based investment major, via its VC fund Internet Fund III Pte Ltd, exited online food delivery platform Zomato. The VC firm sold around 12.34 crore shares or 1.44 per cent stake in Zomato at an average price of Rs 91.01 per share. Brokerage firm HSBC maintained its buy rating on Zomato and raised its price target to Rs 120 from Rs 102 earlier. The note said that hyperlocal can become a much bigger business for Zomato in the long-term. Zomato's stock is likely to be volatile in the near term on account of market speculation around possible exits by some pre-IPO shareholders (VC/PE/Chinese investors) of the company as well as erstwhile shareholders of Blinkit who had received it under a share swap deal, <keyword id="1367664" type="General" weightage="50" keywordseo="jm-financial-institutional-securities" source="Orion">JM Financial Institutional Securities</keyword> had said in its recent report.

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Tiger Global is backing OpenAI in new $6.6 billion investment round

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Cloud API startup Kong valued at around $2 billion in a new funding round led by Tiger Global

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LiquidStack helps data centers cut energy and water use. Check out the 13-slide deck it used to raise $20 million from Tiger Global.

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Alums of $16 billion Tiger Cub Lone Pine have struggled to hack it on their own — with one notable exception

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Artificial Intelligence company from Silicon Valley enters Bihar

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Zomato stock up after 10 crore shares worth ₹947 crore change hands

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