(Reuters) -OpenAI said on Tuesday it will acquire Statsig in an all-stock deal valuing the product testing startup at about $1.1 billion based on OpenAI's current valuation of $300 billion.

The ChatGPT maker will also appoint Statsig's chief executive officer, Vijaye Raji, as OpenAI's tech chief of applications, in a push to build on its artificial intelligence products amid strong competition from rivals.

The move comes a few months after OpenAI acquired former iPhone designer Jony Ive's startup, io Products, in a $6.5 billion deal to help develop AI hardware.

Bolstered by its flagship product ChatGPT, OpenAI doubled its revenue in the first seven months of the year, reaching an annualized run rate of $12 billion, and is on track to reach $20 billion by the end of the year, Reuters reported in August.

The company is also looking to close a tender offer round to employee liquidity at a $500 billion valuation.

In his role, Vijaye will head product engineering for ChatGPT and the company's coding agent, Codex, with responsibilities that span core systems and product lines including infrastructure, the company said.

Statsig builds tools to help software developers test and flag new features. It raised $100 million in funding earlier this year.

Once the acquisition is finalized, Statsig employees will work for OpenAI but will continue operating independently out of its Seattle office, OpenAI said.