The fund came under scrutiny last year when it was revealed that OpenAI CEO Sam Altman had legal control over it, leading to accusations of a conflict of interest. In April, Altman transferred formal control of the fund to Ian Hathaway, the fund's manager. The OpenAI Startup Fund has backed over a dozen startups and held $325 million in gross net asset value as of last year.
Key takeaways:
- The OpenAI Startup Fund has closed a $15 million tranche, with two unnamed investors contributing the new cash. This is the second time the fund has raised capital through a special purpose vehicle (SPV).
- The fund, which invests in early-stage AI-related companies across various sectors, is technically separate from OpenAI and is managed by Ian Hathaway.
- OpenAI CEO Sam Altman had previously controlled the fund, leading to criticism of a potential conflict of interest. In April, Altman transferred formal control to Hathaway.
- The OpenAI Startup Fund has backed over a dozen startups and had $175 million in commitments and $325 million in gross net asset value as of last year.