M3ter Raised $14M for Its Pricing Tech Tool, OpenAI Raised $300 Million, and Dropbox has Laid off 500 People and Plans to Evolve into AI

Hi everyone! 🙋We have the following updates for you today! 📣

• M3ter raised $14M to expand its usage-based pricing tools
• OpenAI raised another $300 million from VCs
• Dropbox has laid off 500 people and plans to evolve into AI

M3ter Raised $14M to Expand Its Usage-Based Pricing Tools for SaaS Businesses

The usage of software’s operation and pricing have been transformed due to the invention of SaaS business models. SaaS enables customers to pay monthly or annually rather than purchasing the software altogether.

To take it a step further, M3ter, a London-based startup, is developing tools for more detailed usage-based billing. 

The company has raised $14 million in its Series A fundraising round to expand into other regions, such as the United States, and to develop more technology for its users.

This investment is headed by Notion Capital, with Insight Partners, Union Square Ventures, and Kindred Capital participation. Last year, the startup raised $17.5 million in a seed round. So far, the company has raised $31.5 million from top venture capitalists.

By integrating usage data, applying prices, and generating error-free bills, the M3ter Platform powers all types of usage-based pricing for businesses at all stages of development.

Companies may free up key internal resources, create correct bills consistently, and prevent revenue leakage by automating pricing and invoicing with M3ter.

OpenAI Raised Another $300 Million from VCs

Despite Microsoft’s significant investment in OpenAI, the renowned generative AI firm OpenAI continues to lure new investors.

Recently, a group of Venture Capital (VC) firms contributed $300 million, which led to the company’s valuation skyrocketing to a staggering $29 billion. Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive, and K2 Global are among the VC firms that acquired shares in this innovative AI tech company.

OpenAI received funding from Microsoft in January, though neither company disclosed the financial details. Microsoft has invested over $13 billion in OpenAI.

The Wall Street Journal reported on a potential tender offer for OpenAI, with Founders Fund and Thrive Capital showing interest in a $300 million share sales tender that would value the company at around $29 billion.

Dropbox has Laid off 500 People and Plans to Evolve into AI

Dropbox has decided to downsize its staff and will be parting ways with nearly 500 employees, which accounts for approximately 16% of the workforce.

According to a memo from the CEO, Drew Houston, the decision to implement layoffs is due to ongoing challenges presented by the unpredictable economy. However, the company views this as an opportunity to focus on augmenting its AI division and feels that this move will prove helpful in this regard.

Dropbox CEO further added. “The change is ‘necessary’ to ensure the company is at the’ forefront in the era of artificial intelligence.’ much like how we led the way in transitioning to mobile and cloud technology.

Utilizing machine intelligence will empower us to transform our current ventures and create innovative ones; thus, we will need to work collectively to accomplish this objective.”

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