The OpenAI Startup Fund, the AI startup investor affiliated with OpenAI, just lately revealed in a monetary submitting that it had raised greater than $44 million for its fifth particular objective automobile (SPV) – the most important to this point.
Launched in 2021, the Fund has an atypical construction. It makes use of the OpenAI title, however says OpenAI is not an investor. Initially legally managed by OpenAI co-founder and CEO Sam Altman, it raised cash from outdoors LPs, together with Microsoft, a big backer of OpenAI, and “different OpenAI companions,” based on its web site. Altmann waived legal control to basic companion Ian Hathaway earlier this 12 months.
Enterprise capital corporations usually use SPVs to pool traders' cash and make investments outdoors of their essential fund. Nevertheless, the Fund stays discreet on the precise vacation spot of those funds.
An OpenAI spokesperson informed TechCrunch that this SPV “might be used to help a wide range of current portfolio firms and to make new investments.”
“SPVs enable us to allocate capital to high-potential investments in an opportunistic method. »
The Fund, based in 2021, has had fairly the SPV streak this 12 months, revealing 5 distinct autos that now complete $114.2 million:
- SPV IJanuary 2024: $10,000,000
- SPVIIApril 2024: $24,999,947 (first disclosed at $15 million, later amended)
- SPV IIICould 2024: $5,000,000 (as covered by TechCrunch)
- SPV IVJuly 2024: $29,916,411
- SPVVDecember 2024: $44,281,693
Regardless of the whirlwind of exercise, its web site is sparse, with its most up-to-date news posted a 12 months in the past. The web site solely discloses a couple of of its investments, similar to authorized AI startup Harvey and AI note-taking app mem.
Nevertheless, the fund is extra energetic than its web site signifies. Notable investments this 12 months embody include Thrive Healthan AI well being firm between Sam Altman and Ariana Huffington, and Unify hot outbound boot.
The fund can also be a seed investor in Anysphere, which is presently within the midst of a Venture Capital Bidding War because of its AI Cursor code assistant.
These SPVs are all along with these of the Fund original capital of $175.25 million, which was raised in October 2021.
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