The OpenAI Startup Fund, a venture fund specializing in early-stage AI companies, has recently secured an additional $5 million, as per a filing with the U.S. Securities and Exchange Commission.
The legal reins of the fund have transitioned from Sam Altman to Ian Hathaway.
The infusion of fresh capital, sourced from two investors, has been directed into a special purpose vehicle (SPV) known as OpenAI Startup Fund SPV III, L.P.
This marks the third time that the fund has raised an SPV, following successful closures of $15 million for its second SPV last month and $10 million for its first SPV in February.
According to SEC documents, the OpenAI Startup Fund boasted commitments of $175 million last year and held a gross net asset value of $325 million earlier this year.
While operating as a corporate venture capital unit, the fund engages external limited partners for capital infusion, with notable participation from Microsoft, a strategic partner and investor closely associated with OpenAI.
PitchBook data reveals that the Startup Fund has extended support to at least 16 startups, including notable entities like Harvey, Ambiance Healthcare, and humanoid robotics firm Figure AI.
Despite its successes, the fund also encountered setbacks, as evidenced by its backing of Ghost Autonomy, an autonomous driving company that recently ceased operations.
