OpenAI is gaining momentum with M&A.
Just days after acquiring database technology company Rockset, OpenAI has acquired Multi (formerly Remotion), a startup building a video-first collaboration platform for enterprises. A source familiar with the matter said the deal is technically a hire-by-acquisition deal, and that most of Multi's team (about five people) will join OpenAI once the deal closes.
Alexander Embiricos, CEO and co-founder of Maruti, said Maruti is scheduled to close after July 24, 2024.
“I'm excited to announce that Multi is joining OpenAI,” he wrote in a blog post about Multi. “Thank you to everyone who has used Multi. It's been an honor to build with you, and we've learned so much from you all.”
At Multi, Embiricos (a former Dropbox product manager) and Multi's second co-founder, Charley Ho (a former Google software engineer), set out to build a Zoom-based platform designed to help remote teams work together over video chat. Multi offered features like the ability for up to 10 people to share and collaborate on screens at the same time, customizable shortcuts, and automatic deep linking to code, designs, and documentation.
We are pleased to announce that Multi has been acquired by OpenAI.
Thank you to everyone who has used Multi and shared their feedback and feature suggestions. https://t.co/KU0AroW1tQ
— Charlie Ho (@potatoarecool) June 24, 2024
Prior to today's exit, Multi had raised $13 million in cash from VCs including Greylock and First Round Capital, according to Crunchbase data.
Like the Rockset acquisition, the Multi acquisition appears to fit into OpenAI's recent broader strategy to invest heavily in enterprise solutions: OpenAI recently revealed that the enterprise tier of its AI-powered viral chatbot platform ChatGPT has nearly 600,000 users, including 93% of Fortune 500 companies.
In May, OpenAI inked a deal with PwC to resell its tools to other companies, and the month before that, the company launched a custom AI model tuning and consulting program for businesses.
Negotiations with companies appear to be paying off, with OpenAI on track to exceed $3.4 billion in revenue this year, according to The Information.
As with OpenAI's other enterprise product developments, will we one day see an improved ChatGPT with video conferencing and remote collaboration capabilities? Maybe. OpenAI can make it happen, especially as the lag between the organization's flagship models gets longer.