OpenAI CEO Sam Altman and former Apple design chief Jony Ive are currently raising significant funding for their mysterious artificial intelligence (AI) device startup.

Ive and Altman's partnership on the project began last fall. SoftBank CEO Masayoshi Son was said to have been involved in the initial discussions, but his current role in the project remains unclear.

According to the report, the product model will exploit new methods of interaction with AI, which is expected to create a significant impact on this billion-dollar industry.

The startup, which is still unnamed, is in negotiations with major venture capitalists to raise up to $1 billion in capital.

The company is currently in discussions with Thrive Capital, an investor in OpenAI, and Emerson Collective, a venture capital firm founded by Laurene Powell Jobs.

Details about the device are still being kept under wraps, but it is expected to be different from traditional smartphones. Upcoming products like Humane's PIN AI and Rabbit's R1 may hint at the direction the duo is headed.

OpenAI is also involved in the project, showing that the device can use their advanced GPT models to provide advanced AI options.

With Ive's product design expertise and Altman's vision, the collaboration promises to create an innovative and useful product that changes the way users interact with AI on a daily basis.