Morrison Foerster (MoFo) counselled SoftBank Group as the lead investor in a new financing round in OpenAI, worth up to USD40 billion, marking the largest venture investment to date.
“MoFo advised on all aspects of the transaction for SoftBank as its primary adviser and outside counsel,” the firm’s spokesperson told Asia Business Law Journal.
The investment marks a historic milestone as the largest venture investment round and single-investor commitment to a startup, making OpenAI one of the most highly valued venture-backed startups globally.
MoFo’s global team was led by Ken Siegel, managing partner of the Tokyo office and head of its M&A team, along with chairman Eric McCrath and partner Chris McKinnon, both based in San Francisco. The team also included US-based partners Joe Sulzbach and Suz Mac Cormac.
OpenAI, the artificial intelligence research creator of ChatGPT, is represented by US-based firm Wachtell Lipton Rosen & Katz, with lead partners Andrew Nussbaum and Mark Veblen.
SoftBank is expected to deploy an initial USD10 billion this April, with the full USD40 billion subject to the satisfaction of various conditions.
