OpenAI Startup Fund raises additional $5M

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The OpenAI Startup Fund, a enterprise fund that invests in early-stage AI firms and has lately transferred authorized management from Sam Altman to Ian Hathaway, has closed on extra $5 million, in keeping with a filing with the U.S. Securities and Alternate Fee. 

The contemporary funds have been raised from two buyers who transferred the capital right into a particular function car, a authorized entity related to the OpenAI Startup Fund: OpenAI Startup Fund SPV III, L.P.

This is the third time the OpenAI Startup Fund has raised an SPV. The funding unit closed on $15 million for its second SPV final month, TechCrunch reported at the moment. The fund has raised its first SPV with $10 million in February.  

Final yr, the fund had $175 million in commitments and held $325 million gross web asset worth earlier this yr, in keeping with one other SEC doc.

Whereas the OpenAI Startup Fund capabilities as a company enterprise capital unit, it raises capital from exterior restricted companions, together with Microsoft (an in depth OpenAI companion and investor).

The Startup Fund has backed a minimum of 16 different startups, in keeping with PitchBook knowledge. They embrace Harvey, Ambiance Healthcare and humanoid robotics agency Determine AI. The fund additionally backed Ghost Autonomy, an autonomous driving firm that shut down final month. 

OpenAI hadn’t responded to TechCrunch’s request for remark as of publication time. We’ll replace this put up if we hear again.

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