The OpenAI Startup Fund, a venture fund that invests in early-stage and late-stage AI companies transferred legal control from Sam Altman to Ian Hathawayhas closed with an additional 5 million dollars, according to a presentation with the U.S. Securities and Exchange Commission.
The new funds were raised from two investors who transferred capital to a special purpose vehicle, a legal entity associated with OpenAI Startup Fund: OpenAI Startup Fund SPV III, LP.
This is the third time that OpenAI Startup Fund has raised an SPV. The investment unit closed the $15 million for its second SPV last month, TechCrunch reported at the time. The fund raised its first SPV with $10 million in February.
Last year, the fund had $175 million in commitments and had a gross net asset value of $325 million as of early this year, according to another SEC filing.
While the OpenAI Startup Fund operates as a corporate venture capital unit, it raises capital from external limited partners, including Microsoft (a close OpenAI partner and investor).
The Startup Fund has backed at least 16 other startups, according to PitchBook data. include Harvey, Health environment and humanoid robotics company Figure AI. The fund also backed Ghost Autonomy, an autonomous driving company that closed last month.
OpenAI had not responded to TechCrunch’s request for comment at the time of publication. We will update this post if we receive a response.