India, Aug. 13 -- OpenAI's CEO, Sam Altman, is reportedly planning to back a new company called Merge Labs that works on brain-computer technology. This tech lets the brain connect directly with computers. This new startup is expected to compete directly with Elon Musk's Neuralink, founded in 2016.

Neuralink has been working on brain implants since 2016 to help people with paralysis control devices with their thoughts. Merge Labs reportedly wants to go even further and the idea is to make the connection between humans and AI smoother and maybe even enhance human abilities beyond just medical needs.

Merge Labs is still at a very early stage and is aiming for a valuation of about 850 million dollars and seeking 250 million dollars in fund...