American AI technology developer OpenAI Inc. has signed an agreement to acquire startup Io Products for $6.5 billion. This is reported in the OpenAI press release.
OpenAI, which has an estimated value of $300 billion, plans to recruit co-founder of the startup Io Jony Ive as creative director for the development of devices adapted to artificial intelligence technologies.
As part of the deal, OpenAI will acquire a specialized division for the development of artificial intelligence-based devices, which will use the services of D.Ive and other former Apple Inc. designers who previously developed iPhone models, as well as iPod, MacBook, iPad and Apple Watch.
The LoveFrom design company, founded by D.Ive after leaving Apple, has been working with OpenAI for two years to create devices with generative AI. OpenAI acquired a 23% stake in Io in the fourth quarter of 2024. Other sponsors of the Io startup are Emerson Collective, Sutter Hill Ventures, Thrive Capital, Maverick Ventures and SV Angel.
The transaction is expected to be completed in the summer of 2025, subject to regulatory approval. The first devices are expected to hit the market in 2026.
After the deal closes, 55 engineers from the D.Aiva team will join OpenAI. At the same time, D. Ive will not work at OpenAI, and his design company LoveFrom, whose clients include Apple, Airbnb and Ferrari, will remain independent and will take over the development of gadgets and software, including the chat bot ChatGPT.
Io Products is a technology company founded by former Apple chief designer Jony Ive and a number of other former Apple employees. The company develops devices based on artificial intelligence.
OpenAI is an American company developing technologies in the field of artificial intelligence. The company includes the non-profit organization OpenAI Inc. and the commercial subsidiary OpenAI Global, LLC. The company is headquartered in San Francisco, California.
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