OpenAI Startup Fund raises $15 million in a low-key manner

The OpenAI Startup Fund, a venture fund focused on investing in early-stage AI-related companies, has quietly closed a $15 million tranche, according to a recent filing with the U.S. Securities and Exchange Commission. The fund, which is separate from OpenAI but related to it, received contributions from two unnamed investors in April.

Managed by Ian Hathaway, the OpenAI Startup Fund transferred the capital to a special purpose vehicle called OpenAI Startup Fund SPV II, L.P. This is the second time the fund has raised capital through an SPV, with the first being a $10 million tranche in February.

The fund’s portfolio includes companies like legal tech startup Harvey, Ambiance Healthcare, and humanoid robotics firm Figure AI. However, the fund came under scrutiny last year when it was revealed that OpenAI CEO Sam Altman had long controlled it. Altman has since transferred control to Hathaway, who has been managing the fund since 2021.

With $175 million in commitments and $325 million in gross net asset value, the OpenAI Startup Fund has backed over a dozen startups, including Descript, Speak, Mem, and Anysphere. Despite criticisms of a conflict of interest due to Altman’s previous control, OpenAI maintains that the general partner structure was intended to be temporary.

OpenAI has not yet responded to requests for comment on the recent funding closure. The fund’s continued success and investments in innovative AI startups demonstrate its commitment to supporting the growth of the AI industry.