OpenAI Startup Fund raises further $5M

The OpenAI Startup Fund, a enterprise fund that invests in early-stage AI firms and has just lately transferred authorized management from Sam Altman to Ian Hathaway, has closed on further $5 million, in accordance with a submitting with the U.S. Securities and Exchange Commission. 

The contemporary funds have been raised from two buyers who transferred the capital right into a particular objective 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.  

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

While the OpenAI Startup Fund capabilities as a company enterprise capital unit, it raises capital from exterior restricted companions, together with Microsoft (a detailed OpenAI accomplice and investor).

The Startup Fund has backed no less than 16 different startups, in accordance with PitchBook knowledge. They embrace Harvey, Ambiance Healthcare and humanoid robotics agency Figure 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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