News: Elon Musk, Sam Altman, Jessica Livingston and Peter Thiel are just some of the tech entrepreneurs involved in the venture.
Some of the biggest names from tech have teamed up to create OpenAI, a nonprofit artificial intelligence research company which aims to advance digital intelligence to benefit humanity as a whole.
Tesla CEO Elon Musk, Sam Altman, who has backed Reddit, Jessica Livingston, founding partner of venture firm Y Combinator and PayPal co-founder Peter Thiel are some of the backers of the $1bn nonprofit company.
OpenAI co-founder Greg Brockman said that the company is free from financial obligations which will help the company focus innovation for a positive human impact.
He also highlighted that the outcome of this venture is uncertain and the work is expected to be difficult.
The company is aiming to become valuable to society instead of providing value to shareholders.
Researchers will be encouraged to publish their work, as papers, blog posts, or code. OpenAI also highlighted that all of its patents will be shared with the world.
The company is also expected to collaborate with institutions, and is expect to work with companies to research and deploy new technologies.
In a joint statement OpenAI team said: "AI systems today have impressive but narrow capabilities.
"It seems that we’ll keep whittling away at their constraints, and in the extreme case they will reach human performance on virtually every intellectual task.
"It’s hard to fathom how much human-level AI could benefit society, and it’s equally hard to imagine how much it could damage society if built or used incorrectly."