Figure Cuts Ties with OpenAI

Author

Corinne Walker
February 04, 2025 • Estimated Reading Time: 6 minutes

Top News

  • Figure Ends OpenAI Partnership: Humanoid robotics company Figure has decided to discontinue its partnership with OpenAI, opting to develop in-house proprietary AI models. This move aims to enhance customization and control over their AI capabilities to better suit the tailored needs within this vertical. This emerging trend of companies electing to develop internal AI models raises questions about how platforms like OpenAI will adapt.

  • SailPoint preps to IPO (again): SailPoint, an Austin-based cybersecurity firm, is preparing to re-enter the public market with an IPO aiming to raise up to $1.05 billion. The company is targeting a valuation of approximately $11.5 billion, marking the first tech flotation of the year. This move marks SailPoint's return to the stock market after being taken private in 2022 through an acquisition by private equity firm Thoma Bravo.

  • Cruise cuts its workforce: General Motors (GM) has fully acquired its autonomous vehicle subsidiary, Cruise, and plans to integrate Cruise's technology into GM's Super Cruise system, focusing on personal autonomous vehicles rather than robotaxis. This shift follows GM's December decision to halt funding for Cruise's robotaxi operations after safety incidents and regulatory challenges. The acquisition will result in a 50% reduction of Cruise's workforce, affecting nearly 1,000 employees.

TWiST500

A TWiST500 HR unicorn, Deel, made headlines today as its co-founder announced plans to position the company for an IPO within the next year or so. The company has experienced rapid growth since its 2019 inception, expanding to over 150 countries and serving more than 10,000 clients worldwide, including OpenAI and Shopify.

Co-founder Alex Bouaziz set the stage for this announcement by highlighting Deel’s latest milestones, including an $800 million annual run rate and an impressive 70% year-over-year growth. Alongside these impressive metrics, Deel strengthened its cap table with two major investors—General Catalyst and an undisclosed sovereign investor, reportedly Abu Dhabi’s Mubadala Investment Company, according to CNBC—through a $300 million secondary share sale, securing a $12.6 billion valuation.

Although Deel just announced its plans for an IPO, the company has been laying the groundwork for this transition for quite some time. The HR giant made five strategic acquisitions in 2024, serving to expand its customer base, integrate more advanced features into the platform, and address skill gaps via acquihires.

In preparation for the IPO, Bouaziz emphasized that “Deel is continuously strengthening its financial audits, compliance processes, and infrastructure to ensure it is well-positioned for the transition.” In the meantime, this payroll powerhouse is certainly one to watch as it moves closer to its public debut. — Corinne

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