OpenAI Startup Fund Secures $5 Million
Venture fund, now under Ian Hathaway's leadership, continues to invest in early-stage AI companies.
The OpenAI Startup Fund, a venture capital fund focusing on early-stage AI companies, has recently closed an additional $5 million in funding, as disclosed in a filing with the U.S. Securities and Exchange Commission. The legal control of the fund has transitioned from Sam Altman to Ian Hathaway, according to news reports by TechCrunch.
The newly raised funds come from two investors who transferred capital into a special purpose vehicle associated with the OpenAI Startup Fund, named OpenAI Startup Fund SPV III, L.P. This marks the third time the fund has raised a special purpose vehicle, following previous raises of $15 million and $10 million for its second and first SPVs, respectively.
According to reports, the OpenAI Startup Fund had commitments of $175 million last year and held a gross net asset value of $325 million earlier this year, as indicated in SEC documents. Despite functioning as a corporate venture capital unit, the fund raises capital from external limited partners, including Microsoft, a close partner and investor of OpenAI.
Since its inception, the Startup Fund has backed at least 16 startups, among these are notable names such as Harvey, Ambiance Healthcare, and humanoid robotics firm Figure AI. However, the fund also faced setbacks, such as the closure of Ghost Autonomy, an autonomous driving company, last month.
The additional funding secured by the OpenAI Startup Fund reaffirms its commitment to supporting the growth and development of early-stage AI companies, contributing to the ongoing innovation and advancement in the AI industry.
