OpenAI Startup Fund Secures Extra $5 Million in New Investment

Home AI News OpenAI Startup Fund Secures Extra $5 Million in New Investment

Updated on October 22 2024

The OpenAI Startup Fund, a venture capital initiative focused on early-stage AI companies, has recently transferred legal oversight from Sam Altman to Ian Hathaway and successfully secured an additional $5 million, as revealed in a filing with the U.S. Securities and Exchange Commission (SEC).

These new funds were sourced from two investors who allocated their capital into a special purpose vehicle (SPV) known as OpenAI Startup Fund SPV III, L.P., which is legally connected to the OpenAI Startup Fund.

This marks the third time the OpenAI Startup Fund has established an SPV. Just last month, the investment group announced the closure of its second SPV, raising $15 million. Earlier, in February, the fund secured $10 million for its inaugural SPV.

Last year, the fund had $175 million in total commitments and achieved a gross net asset value of $325 million earlier this year, according to another SEC filing. The OpenAI Startup Fund operates as a corporate venture capital unit, attracting investments from external limited partners, including Microsoft, a significant partner and investor in OpenAI.

To date, the Startup Fund has supported at least 16 startups, with PitchBook data highlighting investments in companies such as Harvey, Ambiance Healthcare, and the humanoid robotics firm Figure AI. The fund also extended support to Ghost Autonomy, an autonomous driving company that recently ceased operations.

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