The OpenAI Startup Fund recently attracted $15 million from a pair of undisclosed investors, a development confirmed by documents filed with the U.S. Securities and Exchange Commission (SEC). This strategic move involved the establishment of a Special Purpose Vehicle (SPV), a common practice for managing financial risks and pooling investment resources for projects that may diverge from the parent fund’s primary objectives. The recently formed OpenAI Startup Fund SPV II, L.P., marks the second such entity for the fund, following a $10 million raise earlier in February.
With Ian Hathaway at the helm as the managing partner, the OpenAI Startup Fund operates independently of OpenAI, despite its close connection. Hathaway, who brought his expertise from Haystack, assumed his position in April when Sam Altman, the CEO of OpenAI, stepped down over potential conflict-of-interest concerns regarding investment decisions.
The fund predominantly backs nascent companies in the artificial intelligence sector. Its investment portfolio is diverse, encompassing startups like the legal and professional services AI firm Harvey, the clinical AI platform Ambience Healthcare, the video editing AI enterprise Descript, and humanoid robotics ventures such as Figure AI and 1X. Additionally, the fund has conducted two Converge accelerators aimed at supporting very early-stage startups. To date, the fund has amassed $175 million and reported a gross net asset value of $325 million as of the previous year’s end.
