OpenAI Startup Fund Raises $44M for Fifth SPV
The OpenAI Startup Fund, affiliated with OpenAI, has raised over $44 million for its fifth Special Purpose Vehicle (SPV), its largest to date. This brings the total raised across five SPVs in 2024 to $114.2 million, in addition to the original $175.25 million raised in 2021.
Purpose of the SPVs
While the exact purpose remains undisclosed, the Fund states these vehicles will support existing portfolio companies and new investments. This allows them to allocate capital opportunistically to high-potential AI ventures. For context on OpenAI's recent advancements, see OpenAI Releases Sora: AI Video Generation Tool.
Fund's Investment Strategy
Despite limited public information, the Fund's website lists investments such as legal AI startup Harvey and AI note-taking app Mem. More recent investments include Thrive Health, an AI health venture, and Unify, a warm outbound startup. The Fund is also a seed investor in Anysphere, known for its AI code assistant Cursor. This aligns with the growing interest in AI code generation tools, as seen with Pixel Studio 1.4: Gboard Integration and Enhanced Sticker Creation.
Fund's Structure and Leadership
Launched in 2021, the Fund uses OpenAI's name but clarifies that OpenAI is not an investor. Originally controlled by OpenAI CEO Sam Altman, control shifted to general partner Ian Hathaway earlier this year. The Fund's connection to OpenAI and Microsoft, a major OpenAI backer, raises questions about potential synergies and strategic alignment, similar to discussions around Amazon Launches AGI Lab for Advanced AI Agent Development.