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OpenAI Startup Fund raises $44M in its largest SPV yet | TechCrunch

Dec 09, 2024 - techcrunch.com
The OpenAI Startup Fund, an early-stage AI investor linked to OpenAI, has raised over $44 million for its fifth Special Purpose Vehicle (SPV), marking its largest SPV to date. Established in 2021, the Fund operates independently of OpenAI despite using its name, with initial legal control by OpenAI cofounder and CEO Sam Altman, which was later transferred to general partner Ian Hathaway. The Fund has raised capital from external limited partners, including Microsoft and other OpenAI partners. SPVs are typically used by venture capitalists to pool investor money for investments outside their main fund, and the Fund plans to use these SPVs to support existing portfolio companies and make new investments.

In 2024 alone, the Fund disclosed five SPVs totaling $114.2 million, with the latest being SPV V at $44.28 million. Despite limited updates on its website, the Fund has been actively investing, with notable investments in Thrive Health, a collaboration between Sam Altman and Ariana Huffington, and Unify, a warm outbound startup. It is also a seed investor in Anysphere, which is gaining attention for its AI code assistant, Cursor. These SPVs are in addition to the Fund’s original capital of $175.25 million raised in October 2021.

Key takeaways:

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  • The OpenAI Startup Fund has raised over $44 million for its fifth Special Purpose Vehicle (SPV), marking its largest SPV to date.
  • The Fund, launched in 2021, has raised a total of $114.2 million across five SPVs in 2024, with notable investments in AI startups like Harvey, Mem, Thrive Health, and Unify.
  • Originally controlled by OpenAI cofounder Sam Altman, the Fund is now under the legal control of general partner Ian Hathaway.
  • The Fund's website is sparse, but it is actively investing in high-potential AI ventures, including being a seed investor in Anysphere, which is attracting significant VC interest.
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