OpenAI, the artificial intelligence research lab, has announced that its venture fund, the OpenAI Startup Fund, has closed on an additional $5 million in funding. This comes after the fund recently transferred legal control from Sam Altman to Ian Hathaway.
The new funds were raised from two investors who transferred the capital into a special purpose vehicle (SPV) called OpenAI Startup Fund SPV III, L.P. This is the third time the OpenAI Startup Fund has raised an SPV. Last month, the fund closed on $15 million for its second SPV, and in February, it raised its first SPV with $10 million.
According to a filing with the U.S. Securities and Exchange Commission, the fund had $175 million in commitments last year and held a gross net asset value of $325 million earlier this year. These numbers demonstrate the fund’s success and growing popularity within the AI startup ecosystem.
Although the OpenAI Startup Fund operates as a corporate venture capital unit, it raises capital from external limited partners. One of its notable limited partners is Microsoft, which is not only a close partner but also an investor in OpenAI. This partnership with Microsoft provides the fund with additional resources and expertise in the AI industry.
The OpenAI Startup Fund has already made investments in at least 16 startups, according to PitchBook data. Some of these startups include Harvey, Ambiance Healthcare, and Figure AI, a humanoid robotics firm. However, not all investments have been successful, as evidenced by the closure of Ghost Autonomy, an autonomous driving company that was backed by the fund and shut down last month.
TechCrunch reached out to OpenAI for comment but had not received a response at the time of publication. It will be interesting to hear their perspective on the recent funding and what it means for the future of the OpenAI Startup Fund.
In conclusion, the OpenAI Startup Fund continues to attract investment and support in the AI startup community. With its recent $5 million funding round, the fund is well-positioned to further invest in promising startups and contribute to the growth and development of the AI industry.