OpenAI takes stake in Thrive Holdings, which invested in it

"Scratch my back and I'll scratch yours. OpenAI says that it has taken an undisclosed ownership stake in Thrive Holdings, the management-focused offshoot of private equity heavyweight Thrive Capital, which itself is a major investor in the ChatGPT maker. "This partnership with Thrive Holdings is about demonstrating what's possible when frontier AI research and deployment are rapidly deployed across entire organizations to revolutionize how businesses work and engage with customers," Brad Lightcap, COO of OpenAI said, according to a canned statement that accompanied the news."

"Reading between the lines, OpenAI will ingratiate its products into Thrive Holdings' stable of accounting and managed service provider businesses in a bid to show how it can provide value in enterprise workflows. In June, Thrive Holdings spent $100 million to stand up an umbrella group that sells IT services under the name Shield Technology Partners, which is made up of the IT services firms ClearFuze Networks, Delval Technology Solutions, IronOrbit, and OneNet Global, according to a statement at the time."

OpenAI took an undisclosed ownership stake in Thrive Holdings, the management-focused offshoot of Thrive Capital. The partnership will embed OpenAI research, product, and engineering teams into Thrive's IT services and accounting firms to automate high-volume, rules-driven workflows and demonstrate enterprise value. Thrive Holdings created Shield Technology Partners after a $100 million investment to combine ClearFuze Networks, Delval Technology Solutions, IronOrbit, and OneNet Global. OpenAI plans to start with IT services and accounting to build a repeatable model for deployment across other industries. Financial terms of the deal were not disclosed.

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