OpenAI Startup Fund Raises USD 15 Million to Invest in Early-stage Startups Its early investments made in 2022 include startups such as Descript, Harvey AI, Mem, and Speak. According to PitchBook data, it has invested in at least 16 startups
By Entrepreneur Staff •
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OpenAI's independent venture fund, OpenAI Startup Fund, closed a USD 15 million tranche. According to the U.S. Securities and Exchange Commission, two unnamed investors have contributed the amount on or around April 19.
The Fund's official website states committing USD 175 million to early-stage startups in fields where artificial intelligence can have a transformative effect—like healthcare, law, education, energy & infrastructure, the sciences, and more—and where AI tools can empower people by helping them be more productive.
U.S SEC's filing also reveals that capital was transferred to a legal entity called a special purpose vehicle associated with the Fund: OpenAI Startup Fund SPV II, L.P.
OpenAI Startup Fund SPV II allows multiple investors to pool their resources and make an investment in a single company or fund.
Launched in 2021, OpenAI Startup Fund previously USD 10 million trance in February. Its early investments made in 2022 include startups such as Descript, Harvey AI, Mem, and Speak. According to PitchBook data, it has invested in at least 16 startups.
In 2022, the Fund launched an incubator 'Converge', a "highly selective, five-week program for exceptional engineers, designers, researchers, and product builders using AI to reimagine products and industries." And a second edition in last year.
Earlier this month, Sam Altman, co-founder of openAI, renounced control over the fund and transferred the rights to Ian Hathaway. Hathaway joined the team playing a key role in managing the Startup Fund.
Notably, it holds USD 325 million in gross net asset value.
