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Peter Thiel, Elon Musk and many other technology titans are confident that given the right funding and the environment, the talented researchers will be able to develop artificial intelligence. These systems based on AI will be as smart as the intricate systems built by tech giants such as Google, Microsoft and Facebook. The duo is amongst the set of other backers who are promoting OpenAI, a non-profit company that has pledged its work towards research and development of artificial intelligence systems. Musk, CEO of Tesla Motors Inc. as well as Space Exploration Technologies Corp. and Sam Altman - president of Y Combinator, will be the co-chairman of the newly found company. This non-profit organization has received funding from Musk, Reid Hoffman - Co founder of PayPal Technologies and Palantir Technologies and Thiel. There are also other companies such as Amazon web services and Infosys, reports Bloomberg

"It's hard to fathom how much human-level AI could benefit society, and it's equally hard to imagine how much it could damage society if built or used incorrectly," read the inaugural message posted on the OpenAI website. "Our goal is to advance digital intelligence in the way that is most likely to benefit humanity as a whole, unconstrained by a need to generate financial return," the statement read. The OpenAI funders "have committed $1 billion, although we expect to only spend a tiny fraction of this in the next few years,"

 says Yahoo News.

"Researchers will be strongly encouraged to publish their work, whether as papers, blog posts, or code, and our patents (if any) will be shared with the world. We'll freely collaborate with others across many institutions and expect to work with companies to research and deploy new technologies," the site said. Many people consider AI as a dangerous field for the fear that intelligent machines might be a threat to humanity, as reported by USA Today.