The OpenAI Startup Fund, a venture capital arm focused on early-stage artificial intelligence (AI) companies, has raised an additional $5 million in funding.
The new funds were received from two unnamed investors who channelled the capital through a special purpose vehicle (SPV) named OpenAI Startup Fund SPV III, L.P, per reports.
This is the third time the OpenAI Startup Fund has utilized an SPV for fundraising purposes.
Earlier fundraising efforts saw the Fund close on $10 million for its first SPV in February 2024. The company followed this up with an additional $15 million secured last month through its second SPV.
Public filings with the U.S. Securities and Exchange Commission (SEC) revealed that the OpenAI Startup Fund had commitments totalling $175 million last year and the fund had a gross net asset value of $325 million earlier in 2024.
While operating as a corporate venture capital unit, the Fund relies on external limited partners for capital. One such partner is Microsoft, a longstanding collaborator and investor in OpenAI.
The Fund has actively invested in at least 16 AI startups. Some notable names include Harvey, Ambiance Healthcare, and the humanoid robotics firm Figure AI.
It’s worth noting that the Fund also previously backed Ghost Autonomy, an autonomous driving company that ceased operations in April 2024.
The OpenAI Startup Fund’s continuous fundraising efforts target the growth of early-stage AI companies. This latest round of funding is likely to be directed towards supporting new investments within the growing field of artificial intelligence.
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