The fund's strategy involves leading or co-leading funding rounds, often alongside other prominent investors. For instance, it co-led a $70 million Series B for Ambience Healthcare and a $675 million Series B for Figure AI. The fund has also participated in significant rounds for companies like Physical Intelligence and Speak, contributing to their growth and valuation milestones. Despite some setbacks, such as the closure of Ghost Autonomy, the OpenAI Startup Fund continues to play a significant role in nurturing AI-focused startups.
Key takeaways:
- OpenAI Startup Fund has raised $175 million for its main fund and an additional $114 million through special purpose vehicles.
- The fund is raised from outside investors, including Microsoft and other OpenAI partners, and not from OpenAI's own money.
- The OpenAI Startup Fund has invested in over a dozen startups, including notable ones like Ambience Healthcare, Figure AI, and Harvey AI.
- Some investments have led to significant valuations, such as Harvey AI's $3 billion valuation and Figure AI's $2.6 billion valuation.