The OpenAI Startup Fund has quietly concluded a $15 million funding round. This venture fund, which is related to but technically separate from OpenAI, invests in early-stage AI-related firms.
OpenAI Startup Fund Raises $15 Million
According to TechCrunch, this funding round was confirmed through a recent filing with the US Securities and Exchange Commission, indicating that two undisclosed investors contributed $15 million in fresh capital around April 19.
The official paperwork was submitted on April 25, and Ian Hathaway was named the sole partner and manager of the OpenAI Startup Fund.
READ NEXT : OpenAI-Backed Ghost Autonomy Shuts Down Despite Raising Nearly $220 Million in Venture Capital Funding
SPV Associated With the OpenAI Startup Fund
The $15 million tranche was transferred to a legal entity known as a special purpose vehicle (SPV) associated with the OpenAI Startup Fund: OpenAI Startup Fund SPV II, L.P.
According to TechCrunch, SPVs allow multiple investors to pool their resources and invest in a single company or fund. It was the second time the OpenAI Startup Fund has raised capital through an SPV. Its first was in February for a $10 million tranche.
Join the Conversation