OpenAI Startup Fund raises additional $5M

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The OpenAI Startup Fund, a enterprise fund that invests in early-stage AI corporations and has lately transferred authorized management from Sam Altman to Ian Hathaway, has closed on extra $5 million, based on a submitting with the U.S. Securities and Alternate Fee. 

The contemporary funds had been raised from two traders who transferred the capital right into a particular objective car, a authorized entity related to the OpenAI Startup Fund: OpenAI Startup Fund SPV III, L.P.

This is the third time the OpenAI Startup Fund has raised an SPV. The funding unit closed on $15 million for its second SPV final month, everydayai reported at the moment. The fund has raised its first SPV with $10 million in February.  

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Final 12 months, the fund had $175 million in commitments and held $325 million gross web asset worth earlier this 12 months, based on one other SEC doc.

Whereas the OpenAI Startup Fund capabilities as a company enterprise capital unit, it raises capital from exterior restricted companions, together with Microsoft (an in depth OpenAI associate and investor).

The Startup Fund has backed not less than 16 different startups, based on PitchBook information. They embody Harvey, Ambiance Healthcare and humanoid robotics agency Determine AI. The fund additionally backed Ghost Autonomy, an autonomous driving firm that shut down final month. 

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OpenAI hadn’t responded to everydayai’s request for remark as of publication time. We’ll replace this publish if we hear again.

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