OpenAI has raised $175 million for its OpenAI Startup Fund as disclosed in Securities and Exchange Commission Filing.
The company launched the OpenAI Startup Fund in 2021 with initial backing from Microsoft and other investors. The company said at the time of the launch that it would put $100 million into the fund. So the SEC filing shows that the it surpassed its initial estimate.
The ChatGPT company has been investing in startups working in artificial intelligence for a while and it said it would seek to back companies “pushing the boundaries of how powerful AI can positively impact the world and profoundly change people’s lives.”
OpenAI recently raised $300 million from venture capital firms at between $27 million and $29 billion valuation.
The news about the filing was first reported by The Information. The tech news site also stated that the company is planning to raise a second fund.
There has been a lot of interest and investments in Artificial Intelligence technology with big tech companies like Softbank, Microsoft leading the pack. The global AI market is said to be valued at 142.3 billion U.S. dollars as of 2023, and it continues to grow driven by the influx of investments it receives. This year, Softbank and limited partners Microsoft, Apple and Foxconn announced the second Vision fund. This $108 billion funding includes a hefty $38 billion from Softbank Group alone.
Microsoft has also invested over $10 billion in OpenAI and has been churning out AI related products aggressively. It recently introduced Windows Copilot, an AI ‘personal assistant’ for Windows 11.
