Sept 2 (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.