According to documents filed with the U.S. Securities and Exchange Commission,OpenAI Startup Fund, a venture fund that invests in early-stage artificial intelligence companies, has successfully raised an additional $5 million and handed over legal control from Sam Altman to Ian Hathaway.
The new funds were raised by two investors and transferred to a legal entity associated with the OpenAI Startup Fund: OpenAI Startup Fund SPV III, LP. This marks the third time that the OpenAI Startup Fund has raised SPV funding. The investment arm reportedly raised $15 million for its second SPV last month, and $10 million in February.FirstThe SPV has US$10 million in funding.
Last year, the fund had $175 million in commitments, and earlier this year held total net assets of $325 million, according to SEC filings. Although the OpenAI Startup Fund acts as a corporate venture capital unit, it raises money from external limited partners, including Microsoft, a close partner and investor in OpenAI.
According to PitchBook data, the startup fund has supported at least 16 otherStartups, which includes Harvey, Ambiance Healthcare and humanoid robotics company Figure AI. In addition, the fund also backed self-driving company Ghost Autonomy, which closed last month.
As of press time, OpenAI has not responded to this.