The OpenAI Startup Fund, an entity dedicated to investing in early-stage AI companies, has recently undergone a transition in its legal control, shifting from Sam Altman to Ian Hathaway. This transition comes alongside the closing of an additional $5 million in funding, as reported in a filing with the U.S. Securities and Exchange Commission.
These fresh funds were secured from two investors who channeled the capital into a special purpose vehicle (SPV), a legal entity associated with the OpenAI Startup Fund, named OpenAI Startup Fund SPV III, L.P.
This marks the third instance where the OpenAI Startup Fund has raised an SPV. Notably, the investment unit recently closed on $15 million for its second SPV, with reports from TechCrunch providing insights into its financial activities. The fund’s initial SPV was launched in February, raising $10 million.
Last year, the fund boasted commitments of $175 million and held a gross net asset value of $325 million earlier this year, as documented in another filing with the SEC.
Functioning as a corporate venture capital unit, the OpenAI Startup Fund raises capital from external limited partners, with Microsoft being a notable investor given its close partnership with OpenAI.
The fund has a track record of supporting promising startups, with PitchBook data indicating investments in at least 16 companies. Among these are Harvey, Ambiance Healthcare, and humanoid robotics firm Figure AI. Notably, the fund also backed Ghost Autonomy, an autonomous driving company that recently ceased operations.
As of the time of publication, OpenAI had not responded to requests for comment from TechCrunch. Updates will be provided to this post accordingly.
This evolution and activity within the OpenAI Startup Fund underscore its commitment to nurturing innovation in the AI space and its strategic importance in the broader ecosystem of tech startups. The transition in leadership, alongside the successful fundraising efforts, reflects a continued focus on identifying and supporting promising ventures with transformative potential in the AI landscape.
