On August 27, OpenAI is launching its second startup fund, with funding sourced from its own balance sheet. An affiliated entity of the ChatGPT developer submitted documents to the U.S. Securities and Exchange Commission on Wednesday, indicating that it has completed fundraising for a $400 million second-phase fund. OpenAI established its first startup fund in 2021, raising $175 million, all of which came from external investors like Microsoft, with OpenAI not contributing any capital. A spokesperson for OpenAI confirmed that the entire $400 million fund is provided by OpenAI. The reason for this shift is the success of the first fund, which invested in companies such as Cursor, acquired by SpaceX this month, and legal AI startup Harvey. Under the structure of the first fund, OpenAI could receive a portion of the investment returns, but most of the economic benefits were enjoyed by limited partners.
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OpenAI is the Sole Investor in Its Latest Venture Fund
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