The OpenAI Startup Fund, a venture fund dedicated to investing in early-stage artificial intelligence (AI) companies, has successfully raised an additional $5 million. This recent financial boost follows a transfer of legal control from Sam Altman to Ian Hathaway. The news comes from a recent filing with the U.S. Securities and Exchange Commission (SEC).
The latest funds were secured from two investors who contributed the capital to a special purpose vehicle (SPV) named OpenAI Startup Fund SPV III, L.P. SPVs are legal entities often used by venture funds to isolate financial risk and manage investments more efficiently.
Continued Fundraising Efforts
This marks the third instance where the OpenAI Startup Fund has utilized an SPV to raise capital. Last month, the fund successfully closed $15 million for its second SPV. The initial SPV, raised in February, secured $10 million, demonstrating a steady increase in fundraising efforts.
According to another SEC document, the OpenAI Startup Fund had $175 million in commitments last year and maintained a gross net asset value of $325 million earlier this year. These figures highlight the substantial financial backing and growth the fund has experienced over a relatively short period.
Although the OpenAI Startup Fund operates as a corporate venture capital unit, it sources capital from external limited partners. One notable partner is Microsoft, a significant investor and close collaborator with OpenAI. This partnership underscores the strategic alliances that bolster the fund’s investment capabilities.
Portfolio and Investments
The fund’s portfolio includes investments in at least 16 startups, according to data from PitchBook. Some of the notable companies backed by the fund include Harvey, a platform focused on legal AI; Ambiance Healthcare, which is innovating in the healthcare sector; and Figure AI, a company specializing in humanoid robotics. Additionally, the fund had invested in Ghost Autonomy, an autonomous driving firm that unfortunately ceased operations last month.
