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