tech
OpenAI-backed Thrive Holdings raises $2B to bring AI to the enterprise
Thrive Holdings has raised $2 billion in new funding at a $12 billion valuation from investors like SoftBank, D1 Capital Partners, and Altimeter Capital.
TL;DR
- Thrive Holdings raised $2 billion at a $12 billion valuation from investors including SoftBank, D1 Capital Partners, and Altimeter Capital.
- The firm functions as a private equity firm for AI, acquiring traditional businesses and integrating AI into their operations.
- Funding will support expansion into physical assets and regulatory services, in addition to existing accounting (Current) and IT (Shield) verticals.
- Thrive Holdings has a close relationship with OpenAI, which took an ownership stake and sends employees to assist Thrive's companies with AI adoption.
- Success metrics include TaxAI processing over 7,000 tax returns with 98% accuracy and lowering prep times by over 30%, and Shield's AI speeding up help desk resolutions by 36x.
- The new regulatory services platform aims to ease complexity in getting physical assets approved, built, and operated.