OpenAI Startup Fund Raises $15M
April 27, 2024, 3:30 pm
Location: United States, California, San Francisco
Employees: 201-500
Founded date: 2015
Total raised: $11.59B
The OpenAI Startup Fund, a venture fund connected but separate from OpenAI, has raised $15 million from two undisclosed investors. This fund, managed by Ian Hathaway, focuses on investing in early-stage AI companies. The recent financing round was used to create a special purpose vehicle (SPV) called OpenAI Startup Fund SPV II, L.P. This is the second SPV for the fund, following a $10 million raise in February.
The OpenAI Startup Fund's portfolio includes companies like Harvey, Ambience Healthcare, Descript, Figure AI, and 1X. They have also conducted two Converge accelerators for early startups. With a total of $175 million raised and a gross net asset value of $325 million, the fund has made significant strides in the AI startup ecosystem.
Last year, there were concerns about conflict of interest as OpenAI CEO Sam Altman had control over the fund's investments. However, in April, Altman handed over control to Ian Hathaway to address these issues. The fund has seen success with investments in companies like Descript, Speak, Mem, and Anysphere.
The OpenAI Startup Fund continues to make waves in the AI startup world, with a focus on supporting innovative companies in various sectors like education, law, and robotics.
The OpenAI Startup Fund's portfolio includes companies like Harvey, Ambience Healthcare, Descript, Figure AI, and 1X. They have also conducted two Converge accelerators for early startups. With a total of $175 million raised and a gross net asset value of $325 million, the fund has made significant strides in the AI startup ecosystem.
Last year, there were concerns about conflict of interest as OpenAI CEO Sam Altman had control over the fund's investments. However, in April, Altman handed over control to Ian Hathaway to address these issues. The fund has seen success with investments in companies like Descript, Speak, Mem, and Anysphere.
The OpenAI Startup Fund continues to make waves in the AI startup world, with a focus on supporting innovative companies in various sectors like education, law, and robotics.