OpenAI Startup Fund, a venture capital firm supporting early-stage AI startups, raised an additional $5 million.
In a filing with the US Securities and Exchange Commission, the OpenAI Startup Fund—a venture capital firm that backs startups in the early stages of artificial intelligence—recently reported that it had raised an extra $5 million, following the transfer of legal authority from Sam Altman to Ian Hathaway.
The new funding came from two backers, who put it into a legal company known as the OpenAI Startup Fund SPV III, L.P., a special purpose vehicle.
The OpenAI Startup Fund has raised SPVs three times already. According to the media’s reporting from last month, the investment unit raised $15 million for its second SPV. The fund established its first SPV in February after raising $10 million.
According to another SEC document, the fund had $175 million in commitments last year and $325 million in gross net asset value earlier this year.
A corporate venture capital organization, the OpenAI Startup Fund, raises money from limited partners outside of OpenAI, such as Microsoft, an investor and close associate of OpenAI.
According to PitchBook statistics, the Startup Fund has supported a minimum of sixteen additional firms.
Some of these companies are Harvey, Ambiance Healthcare, and Figure AI, a humanoid robotics startup.
The fund also supported Ghost Autonomy, an autonomous vehicle startup that filed for bankruptcy last month.
OpenAI had not responded to the media’s request for comment at the time of publication.