OpenAI Startup Fund raises additional $5M | TechCrunch

OpenAI Startup Fund raises additional $5M | TechCrunch

OpenAI Startup Fund, a venture fund that invests in early stage AI companies and more recently Legal control passed from Sam Altman to Ian Hathaway.According to one, an additional $5 million has been closed. Filing With the US Securities and Exchange Commission.

The fresh funds were raised from two investors who transferred the capital to a special purpose vehicle, a legal entity affiliated with OpenAI Startup Fund: OpenAI Startup Fund SPV III, LP.

This is the third time the OpenAI startup fund has raised an SPV. The investment unit is closed. $15 million for its second SPV Last month, TechCrunch reported at the time. The fund raised its first SPV in February with $10 million.

Last year, the fund had $175 million in commitments and had an aggregate net asset value of $325 million earlier this year, according to another SEC filing.

While the OpenAI Startup Fund functions as a corporate venture capital unit, it raises capital from external limited partners, including Microsoft (a close OpenAI partner and investor).

According to data from PitchBook, the startup fund has backed at least 16 other startups. They include Harvey, Ambiance Healthcare and humanoid robotics firm Figure AI. The fund also backed Ghost Autonomy, an autonomous driving company. Closed last month.

OpenAI had not responded to TechCrunch's request for comment by the time of publication. We'll update this post if we hear back.

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