The OpenAI Startup Fund has successfully secured a new USD 15 million tranche of funding, which was raised through a special purpose vehicle (SPV) named OpenAI Startup Fund SPV II, L.P., according to a recent filing with the US Securities and Exchange Commission.
The funding, contributed by two unnamed investors on 19 April, marks the fund's continued efforts to drive investment into early-stage AI-related companies across a range of industries, including education, law, and the sciences.
The use of an SPV, a financial entity created for a specific purpose, indicates a strategic approach by the OpenAI Startup Fund to attract investment into particular projects or ventures. This is the second occasion the fund has utilised such a vehicle, following a USD 10 million tranche raised in February. SPVs are often employed in the venture capital sector to manage investments in startups that may not align perfectly with a fund's general investment strategy, or to involve a broader array of investors, including those outside institutional realms.
This new phase of funding comes after significant changes in the management structure of the OpenAI Startup Fund. Previously under the de facto control of OpenAI CEO Sam Altman, the fund was transferred to Ian Hathaway, who has been a prominent figure in managing the fund since 2021. This change was part of a strategy to alleviate concerns over potential conflicts of interest, given Altman's influential role and the fund's strong ties with Microsoft, a major investor and partner.
The OpenAI Startup Fund, under its current management, supports a variety of pioneering companies. Its portfolio includes ventures like legal tech startup Harvey, Ambiance Healthcare, humanoid robotics firm Figure AI, and several others including Descript, a collaborative multimedia editing platform, and Anysphere, an IDE platform. The fund, which boasts USD 175 million in commitments and holds assets valued at USD 325 million, continues to be a significant player in fostering innovation and development within the AI sector.
_20240501181242original_image_36.webp)