The Best New AI Products

Get a recap of new AI tools every week:

OpenAI Startup Fund Raises Additional $5 Million in Funding

Chrissie Wong

Chrissie Wong

13 May 2024

The OpenAI Startup Fund was successful in raising an additional five million dollars. According to a document submitted to the United States Securities and Exchange Commission, the OpenAI Startup Fund has successfully closed on an additional five million dollars.

The newly acquired funds were received from two investors who transferred the cash into a special purpose vehicle, which is a legal organization that is affiliated with the OpenAI Startup Fund. The newly acquired funds were collected from the investors. When it comes to legal matters, the OpenAI Startup Fund SPV III, L.P. is the entity in charge.

For the third time, the OpenAI Startup Fund has successfully raised capital through the use of a special purpose vehicle (SPV). That same month, TechCrunch reported that the investment unit had successfully closed on $15 million for its second special purpose vehicle (SPV). This was a significant accomplishment for the investment unit. February was the month in which the fund was successful in raising its first SPV, which was ten million dollars.

In another document that was submitted to the Securities and Exchange Commission (SEC), it was indicated that the fund had commitments valued at a total of $175 million the year before, and that it had a gross net asset value of $325 million early this year.

The OpenAI Startup Fund is able to raise funding from limited partners who are located outside of the firm, despite the fact that it functions as a corporate venture capital unit. A close collaborator and investor in OpenAI, Microsoft is one of these restricted partners. Microsoft is also one of the limited partners.