Saudi fund forced to pull out of AI chip startup under US pressure
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The US has forced Saudi Aramco to sell its stake in an AI chip startup Rain Neuromorphics, backed by OpenAI CEO Sam Altman.
About this informs Bloomberg.
Altman-backed Rain Neuromorphics, which develops chips that mimic how the brain works and aims to serve companies that use AI algorithms, raised $25 million in 2022, it said.
Aramco’s Prosperity7 became the lead investor for Rain AI. However, after an inspection by the Committee on Foreign Investment in the United States, he sold his shares.
The U.S. Treasury Department, which oversees the Committee on Foreign Investment in the U.S. (CFIUS) process, said: “CFIUS is committed to taking all necessary steps within its authority to protect U.S. national security. In accordance with law and practice, CFIUS does not comment publicly on transactions it may or may not consider”.
We will remind:
The Biden administration is planning ban the supply to China of more advanced AI chips developed by Nvidia and other companies: These measures are aimed at preventing Beijing from obtaining advanced American technology to strengthen its military.
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