Sources say a former OpenAI executive is raising $70 million for AI company Arda.

PANews reported on March 5th, citing the Wall Street Journal, that Bob McClure, former chief research officer of OpenAI, is raising $70 million for an AI and software platform startup aiming to automate manufacturing. According to sources familiar with the matter, the new company, named Arda, co-founded by McClure, is currently raising funds at a valuation of $700 million. Founders Fund and Accel co-led the round, with participation from Khosla Ventures and XYZ Venture Capital. The funding round is not yet closed, and the terms of the deal are still subject to change. Sources say Arda is developing an AI and software platform, including a video model that can analyze factory floor video footage and use this data to train robots to autonomously operate in the factory. The company's software will coordinate machines and people throughout the entire production process, covering everything from product design and manufacturability to finished product delivery, with the goal of making manufacturing in the Western Hemisphere cost-effective.