OpenAI Startup Fund quietly secures a $15 million tranche, signaling continued investment in early-stage AI-related ventures across diverse sectors such as education, law, and the sciences.
Special purpose vehicles like this allow multiple investors to pool resources for targeted investments, often utilized for ventures that don’t align with a fund’s core strategy or terms. They also offer broader access to non-institutional investors.
Per a filing with the U.S. Securities and Exchange Commission, two undisclosed investors injected the $15 million into the fund, facilitated by OpenAI Startup Fund SPV II, L.P., a special purpose vehicle managed by Ian Hathaway.
This marks the second instance of the Startup Fund raising capital through an SPV, following a $10 million tranche in February.
With commitments totaling $175 million and a gross net asset value of $325 million, the Openai Startup Fund has backed over a dozen startups, including Descript, Speak, Mem, and Anysphere, showcasing its pivotal role in nurturing innovative ventures across various domains.
The fund’s diverse portfolio includes companies like legal tech startup Harvey, Ambiance Healthcare, and humanoid robotics firm Figure AI. However, it faced scrutiny last year when it emerged that OpenAI CEO Sam Altman had legal control over it. Despite neither OpenAI nor Altman having a financial stake, concerns arose about potential conflicts of interest. Altman later transferred control to Hathaway in April.