1. The OpenAI Startup Fund has quietly closed a $15 million tranche with two unnamed investors contributing the funds.
2. The capital was transferred to a legal entity called OpenAI Startup Fund SPV II, L.P., which allows multiple investors to pool their resources and make investments in startups.
3. The fund, previously under scrutiny for being controlled by OpenAI CEO Sam Altman, has now been transferred to Ian Hathaway, who has managed the fund since 2021.
The OpenAI Startup Fund, a venture fund separate from OpenAI, has closed a $15 million tranche from two unnamed investors in April. Managed by Ian Hathaway, the fund uses special purpose vehicles (SPVs) to pool resources for investments in AI-related companies across various sectors. This is the second time the fund has raised capital through an SPV, with the first being a $10 million tranche in February.
Previously under scrutiny for CEO Sam Altman’s control of the fund, OpenAI clarified that neither the organization nor Altman had a financial interest in the OpenAI Startup Fund. Altman transferred control to Hathaway in April, who has been managing the fund since 2021. The fund’s portfolio includes startups like Harvey, Ambiance Healthcare, Figure AI, Descript, Speak, and Mem, among others.
As of last year, the OpenAI Startup Fund had $175 million in commitments and $325 million in gross net asset value. The fund also runs an incubator program called Converge. Despite past controversies, OpenAI has not responded to requests for comment on the recent funding closure. Critics had previously raised concerns about conflict of interest due to Altman’s control, but OpenAI claimed that the general partner structure was intended to be temporary.