Former Apple chief designer Jony Ive and current OpenAI CEO Sam Altman are seeking funding for a new company that will develop “artificial intelligence-powered personal devices,” Ars Technica reports.

There are no details about what kind of device it will be, but according to sources, it will not look like a smartphone. It is reported that this project was first discussed in 2023 and negotiations have been ongoing since then.

Ive and Altman hope to raise at least $1 billion for the new company. The full list of potential funding sources is unknown. However, sources have reported talks with Thrive Capital, a regular investor in OpenAI, as well as Emerson Collective, a venture capital company founded by Lauren Powell Jobs (Steve Jobs’ widow).

SoftBank CEO Masayoshi Son is also said to have spoken to Altman and Ive about the possibility of funding.

Although nothing is known about the device yet, it is likely that Ive wants to create competition for his former employer Apple. It is worth reminding that he became internationally known as the chief designer of iMac, MacBook, iPod, iPhone, and other Apple devices. In 2019, Jony Ive left the company and founded the design studio LoveFrom.