OpenAI CEO Sam Altman.
Andrew Caballero-Reynolds/AFP via Getty Images
The OpenAI Startup Fund does not belong directly to OpenAI, but is affiliated with the company.
The fund raised $175 million last year to invest in AI companies.
Since then, he has co-led investments in legal tech startup Harvey and Ambience Healthcare, among others.
This is a machine translation of an article from our US colleagues at Business Insider. It was automatically translated and checked by an editor.
OpenAI’s venture capital fund recently raised $10 million (equivalent to €9.3 million) from two unnamed investors through a special purpose vehicle (SPV), according to an SEC report.
The OpenAI Startup Fund is related to OpenAI, but is technically a separate entity. So far the fund has collected $175 million (equivalent to 162 million euros) to “help AI companies have a profound, positive impact on the world.”
The fund’s previous deals were one $80 million investment (equivalent to 74 million euros) in the legal tech startup Harvey and participation in a $70 million investment (equivalent to 65 million euros) in Ambience Healthcare.
The money flows into a special purpose vehicle
OpenAI Startup Fund SPV I, LP was enough SEC filing on February 2nd. The $10 million was raised on January 30th. The disclosure mentions Ian Hathaway, a partner in the company’s VC fund, and Bobby Wu, a corporate attorney at OpenAI.
An SPV is a financial structure that allows a group of investors to pool their funds for a single, one-time investment. The means can be applied more quickly than a traditional VC fund. It can also be marketed to a larger number of non-institutional investors.
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It’s unclear what the $10 million is for or why the OpenAI Startup Fund created a special purpose vehicle just eight months after raising $175 million for its main fund. OpenAI and the Startup Fund did not respond to Business Insider’s requests for comment.
Read the original article Business Insider