Anthropic Artificial Intelligence rejects Saudi funds and accepts Emirati funds

Anthropic, which is considered one of the leading companies in the field of artificial intelligence, is preparing to sell a stake valued at about $1 billion to investors, which is the stake owned by the FTX cryptocurrency exchange, which was founded by Sam Bankman Fried as part of the company’s official bankruptcy procedures, and many investment funds, including the sovereign, are racing to acquire… This share is to benefit from the artificial intelligence revolution and invest in what appears to be the future of technology in the coming years.

While Saudi Arabia, through the sovereign Public Investment Fund, was seeking to obtain a stake in Anthropic, which is considered one of the strongest competitors to OpenAI, the developer of GPT chat, the American company ruled out obtaining Saudi funds, according to informed sources, citing… CNBCOn the grounds of national security.

FTX had purchased an 8% stake in the artificial intelligence company Anthropic about three years ago for $500 million, a stake that is now estimated at about $1 billion US dollars after the tremendous growth of generative artificial intelligence technologies after OpenAI launched the free trial version of GB Chat. Early last year 2023, as part of FTX's bankruptcy proceedings and the imprisonment of its founder Sam Bankman-Fried on fraud charges, the sale of this stake was to compensate FTX clients.

Dario and Daniela Amodei, founders of Anthropic, have the right of refusal from any potential investors

According to CNBC sources, the new share that Anthropic is now working to sell is Class B non-voting shares, which are the shares being sold according to the company’s latest valuation of 18.4 billion US dollars. The company founded by Dario and Daniela Amodei had recently succeeded in obtaining Investments worth up to $7 billion, from major companies such as Amazon, Google, and Salesforce, which are companies that do not plan to participate in the current investment round.

Anthropic founders Dario and Daniela Amodei have the right of refusal to any potential investors, but are not involved in the current fundraising process, or in discussions with potential investors to purchase the FTX stake.

Although Anthropic's founders refuse to accept Saudi investments, they do not plan to reject investments from other sovereign wealth funds, including the UAE's Mubadala Fund – the sovereign investment fund of the Emirate of Abu Dhabi, the capital of the UAE – which is seeking to invest in the company.

The sovereign Saudi Public Investment Fund (PIF) owns more than $900 billion in assets, in order to diversify revenue sources away from oil. Previous reports had indicated that the fund is in talks with Andreessen Horowitz to establish a fund to invest in artificial intelligence companies worth $40 billion. The fund has investments in Uber, Jio, MagicLeap, and others.

The Financial Times said in a recent report that the UAE, through a new state-backed investment company, is seeking to invest in a project by Sam Altman, CEO of the company. OpenAIThis is a project that aims to manufacture new electronic chips to process artificial intelligence technologies to reduce their dependence on advanced chips manufactured by Nvidia.

Anthropic recently announced its latest artificial intelligence models Claude 3 Which is considered one of the strongest competitors to GPT chat, and she said that it outperforms GPT-4 from OpenAI and the Gemini model from Google in many standards for testing linguistic artificial intelligence models, which provides many advantages, most notably faster and smarter responses and the ability to process a larger amount of data. And understand more languages ​​and more.