Key facts
- Thrive Holdings has raised $2 billion in new funding at a $12 billion valuation.
- Investors include SoftBank, D1 Capital Partners, and Altimeter Capital.
- OpenAI holds an ownership stake in Thrive Holdings and provides talent and technology.
- The firm acquires traditional businesses and integrates AI into their operations, focusing on accounting, IT, and soon, physical assets.
- Thrive's accounting arm, Current, has acquired over 50 firms and developed an AI tax agent.
- Thrive's IT arm, Shield, has seen significant improvements in help desk resolution times due to AI.
Thrive Holdings has raised $2 billion in new funding at a $12 billion valuation, attracting investment from SoftBank, D1 Capital Partners, and Altimeter Capital. The firm operates similarly to a private equity firm, acquiring traditional businesses such as accounting and information technology firms, and integrating artificial intelligence into their operations. A key strategic partner is OpenAI, which holds an ownership stake in Thrive Holdings and provides employees to accelerate AI adoption within Thrive's portfolio companies.
Thrive's model has demonstrated success, with its accounting arm, Current, processing over 7,000 tax returns with 98% accuracy and reducing prep times by over 30%. Its information technology arm, Shield, has seen AI products speed up help desk resolution times by 36 times. The recent funding will also support the launch of a new platform focused on regulatory services for physical assets, addressing complexities in areas like data centers, manufacturing, and transportation.
Founding members Anuj Mehndiratta and Kareem Zaki emphasized that while AI will not replace human judgment in these fields, it can significantly streamline manual workflows such as research, reporting, and compliance tracking, leading to more efficient and cost-effective project development.