OpenAI Startup Fund quietly raises $15M

The OpenAI Startup Fund, a venture fund associated with OpenAI that invests in early-stage AI-related companies, has closed a $15 million funding round.

According to a filing with the U.S. Securities and Exchange Commission, the funding was contributed by two unnamed investors around April 19. Ian Hathaway, the manager of the OpenAI Startup Fund, is mentioned in the paperwork as the sole partner.

The $15 million was transferred to a special purpose vehicle (SPV) called OpenAI Startup Fund SPV II, L.P. SPVs allow multiple investors to pool their resources for investment in a single company or fund, and are often used in venture capital to invest in startups that may not fit a fund's main strategy.

This is the second time the OpenAI Startup Fund has raised capital through an SPV, following a $10 million tranche in February.

The fund's portfolio includes companies like legal tech startup Harvey, Ambiance Healthcare, and humanoid robotics firm Figure AI. Last year, the fund faced scrutiny after it was revealed that OpenAI CEO Sam Altman had long controlled it. Altman transferred control to Hathaway in April, following criticism that his ownership constituted a conflict of interest.