March 31 (Reuters) - OpenAI said on Monday it would

raise $40 billion in a new funding round led by SoftBank Group

at a $300 billion valuation to advance AI research,

expand computational infrastructure and enhance its AI tools.

Microsoft ( MSFT )-backed OpenAI said it looks to deliver

increasingly powerful tools for the 500 million people who use

ChatGPT every week.

Investor enthusiasm for the artificial intelligence

sector has surged significantly in recent years, driven by

widespread adoption of chatbots and the emergence of

sophisticated AI agents.

Enterprises have integrated AI solutions to streamline

their operations and enhance customer experiences, while venture

capital firms compete to back promising AI startups.

The market has particularly accelerated since late 2022

with the launch of AI tools like ChatGPT.

OpenAI had closed a $6.6 billion funding round in

October, which valued the company at $157 billion.

With the latest funding, OpenAI will join the ranks of

the most valuable private companies such as SpaceX, China's

ByteDance and Stripe.