Ben Affleck's AI startup Interpositive has seen a significant increase in valuation after announcing a record-breaking exit deal with Netflix. The Los Angeles-based company was valued at an astonishing 14 times its annual revenue last year, according to financial reports. In light of this new information, Netflix revealed it paid $587 million in cash for Interpositive.
The acquisition marks one of the largest deals in the artificial intelligence industry and highlights the growing interest in AI-driven technologies. Affleck co-founded Interpositive with his production company Pearl Street Films, but has since sold a majority stake to Microsoft, which has been working on various AI-related projects.
As the financial details of Netflix's acquisition are still emerging, sources close to the deal have indicated that it was a highly strategic move by the streaming giant. The move is seen as part of an effort to bolster its presence in the rapidly growing field of AI and data analytics. Despite this, Affleck has stated that he will not be selling Interpositive to Microsoft, citing concerns about the company's priorities shifting away from AI research.