OpenAI and its cofounder Sam Altman are preparing to back a company that will compete with Elon Musk’s Neuralink by connecting human brains with computers, heightening the rivalry between the two billionaire entrepreneurs.

The new venture, called Merge Labs, is raising new funds at an $850 million valuation, with much of the new capital expected to come from OpenAI’s ventures team, according to three people with direct knowledge of the plans.

Altman has encouraged the investment and will help launch the project alongside Alex Blania, who runs World, an eyeball-scanning digital ID project also backed by the OpenAI chief, said two of the people.

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