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OpenAI has raised $175 million for its startup fund, in accordance with a Securities and Alternate Fee submitting.
The submitting additionally revealed that 14 companions have invested within the fund launched in 2021. The newly revealed quantity is 75% greater than the $100 million the corporate beforehand stated it had raised for the fund. Aside from Microsoft, the fund was joined by Andreessen Horowitz (a16z), Peter Thiel’s Founders Fund, Redpoint Ventures, and Spark Capital.
Asserting the startup fund in 2021, OpenAI CEO Sam Altman stated that the fund deliberate to make large, early bets on not more than ten corporations.
In accordance with a weblog submit revealed in December 2022, the fund has been created to put money into a small variety of early-stage startups which are “pushing the boundaries of how highly effective AI can positively impression the world and profoundly change folks’s lives.”
Descript, Harvey AI, Mem, and Communicate are the primary 4 funding recipients of the startup fund. Final yr, OpenAI Startup Fund led AI-powered video editor Descript’s $50 million sequence C funding spherical in addition to note-taking app Mem’s $23 million spherical.
Apart from the aforementioned recipients, the startup fund additionally led Oslo-based humanoid robotics firm 1X’s $23.5 million Sequence A spherical in March and made a small funding of $250,000 in Charles AI. Along with capital, corporations within the OpenAI startup fund will achieve early entry to future OpenAI programs, help from the fund’s workforce, and Microsoft Azure credit.
In accordance with Crunchbase, OpenAI has raised a complete of $11.3 billion thus far. In April, the corporate closed a $300 million share sale at a valuation of $27 billion to $29 billion. As per The Data, firm representatives informed potential traders that OpenAI plans to launch a second fund, in accordance with two sources near the matter.
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