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OpenAI Startup Fund, OpenAI’s independent venture fund, has closed a USD 15 million tranche. Two anonymous investors donated the amount around April 19, according to the U.S. Securities and Exchange Commission.
The foundation’s official website provides information on areas where artificial intelligence can have a transformative effect and where AI tools can empower people, including medicine, law, education, energy and infrastructure, and science. It says it will commit $175 million to early-stage startups. Helps increase their productivity.
The US SEC filing also revealed that the funds were transferred to a legal entity called a special purpose vehicle associated with the fund, OpenAI Startup Fund SPV II, LP.
OpenAI Startup Fund SPV II allows multiple investors to pool their resources and invest in a single company or fund.
Founded in 2021, OpenAI Startup Fund raised $10 million in funding in February. Early investments made in 2022 include startups such as Descript, Harvey AI, Mem, and Speak. The company has invested in at least 16 startups, according to PitchBook data.
In 2022, the foundation will launch an incubator called Converge, a “curated five-week program for outstanding engineers, designers, researchers, and product builders who are reimagining products and industries using AI.” I launched it. The second edition was published last year.
Earlier this month, openAI co-founder Sam Altman relinquished control of the fund and transferred his rights to Ian Hathaway. Hathaway joined the team at the startup, where he played a key role in managing the fund.
Notably, his total net worth is USD 325 million.
