OpenAI has garnered millions of pounds following the introduction of its artificial intelligence (AI) service, ChatGPT, in the º£½ÇÊÓƵ.
The º£½ÇÊÓƵ branch of the American tech behemoth concluded last year with current assets totalling £56.2m, which encompassed £42.4m in bank reserves and an additional £13.7m owed by debtors, as per the latest accounts submitted to Companies House, as reported by .
These figures are a stark contrast to the company's current assets of £1.1m at the close of the 15 months leading up to 31 December, 2023, comprised of £198,915 in bank funds and £973,990 in debtor obligations.
Non-current assets of OpenAI also saw an increase from £178,823 to £964,495, however, its current liabilities experienced a significant surge from £476,555 to £42.2m.
Out of the £42.2m it owes, £39.8m is inter-company debt, which is not anticipated to be repaid to its US parent company.
By the end of 2024, the firm's shareholders' funds had risen from £875,173 to £6.2m, while it reported a profit of £4.1m for the year, a considerable improvement from a loss of £1.2m.
According to the results, OpenAI's workforce expanded from 19 to 55 employees. It is believed that the company currently employs approximately 100 individuals in the º£½ÇÊÓƵ.
OpenAI º£½ÇÊÓƵ Limited was established in September 2022, coinciding with the launch of ChatGBT.
Sam Altman’s OpenAI signs º£½ÇÊÓƵ Government deal for ChatGPT
This news follows OpenAI's recent agreement with the government to utilise AI to enhance productivity within the º£½ÇÊÓƵ's public services.
The arrangement could provide the company with access to governmental data whilst enabling its software to be deployed across education, defence, security and judicial sectors.
In a statement released on Tuesday, 22 July, Technology Secretary Peter Kyle declared that "AI will be fundamental in driving change" in the º£½ÇÊÓƵ and "driving economic growth."
Alongside the announcement, OpenAI confirmed plans to expand its London operations.
The firm declined to respond to City AM's enquiries regarding the number of positions the agreement would generate.
In May, OpenAI abandoned proposals to transition into a for-profit entity, ensuring the company remains under non-profit board governance.
The declaration followed an acrimonious leadership battle within the organisation.
