OpenAI Startup Fund raises additional $5M

OpenAI Startup Fund raises an additional $5M from two investors via SPV III, L.P.

: The OpenAI Startup Fund, recently under new legal management, has raised an additional $5 million through a special purpose vehicle, marking its third such fundraising effort. Previously, the fund secured $15 million for its second SPV and initiated its first with $10 million, indicating consistent financial growth. The Fund, with significant backing from entities like Microsoft, invests in early AI startups and has supported at least 16 companies to date.

The OpenAI Startup Fund, focused on early-stage AI companies, has successfully raised an additional $5 million. The recent capital influx was facilitated by two investors through the creation of a Special Purpose Vehicle (SPV), named OpenAI Startup Fund SPV III, L.P. This development marks the third instance of the fund raising capital via an SPV, following previous rounds of $15 million and $10 million for its second and first SPVs, respectively.

The fund, which had $175 million in commitments last year and reported a gross net asset value of $325 million earlier this year, functions as a corporate venture capital unit drawing capital from external limited partners, including a noteworthy partnership with Microsoft. The change in legal control from Sam Altman to Ian Hathaway signifies a new phase in its operational dynamics but continues to underscore the fund’s commitment to leveraging AI for innovative startups.

So far, the OpenAI Startup Fund has invested in a diverse array of companies across various sectors, including healthcare, humanoid robotics, and autonomous driving. Notable investments include Harvey, Ambiance Healthcare, Figure AI, and the now-shuttered Ghost Autonomy. Despite a notable failure in its portfolio, the fund maintains a broad interest in supporting the development and integration of AI technologies in multiple industries, signaling strong future growth potential and continued market impact.