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- OpenAI Startup Fund is a separate and affiliated entity from OpenAI.
- The fund raised $175 million last year to invest in AI companies.
- Since then, he has co-led investments in legal tech startups Harvey and Ambience Healthcare, among others.
OpenAI’s venture capital fund recently raised $10 million from two anonymous investors through a special purpose vehicle (SPV), according to an SEC filing.
Although OpenAI Startup Fund is related to OpenAI, it is technically a separate organization. Raised $175 million It was founded last May with the goal of “helping AI companies make a deep and positive impact on the world.”Since then, this fund has $80 million investment Joined legal tech startup Harvey. $70 million investment At Ambience Healthcare and other sales.
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OpenAI Startup Fund SPV I, LP is SEC filing The disclosure names Ian Hathaway, a partner in the company’s VC fund, and Bobby Wu, OpenAI’s general counsel.
An SPV is a financial structure that allows a group of investors to pool their funds for a one-time investment.They are can be raised faster They are better than traditional VC funds and can be marketed to a wide range of non-institutional investors.
It is unclear what the $10 million will be used for or why OpenAI Startup Fund chose to form an SPV just eight months after raising $175 million for its main fund. OpenAI and Startup Fund did not respond to Business Insider’s requests for comment.
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