OpenAI in support of the development of AI-based firms, has raised over $175 million for its Startup Investment Fund project. The value was obtained from a filing at the Securities and Exchange Commission.
According to OpenAI, the goal of the fund is to support companies that are developing AI products and expanding the utility of artificial intelligence in today’s world.
“We’re looking to partner with a small number of early-stage startups in fields where artificial intelligence can have a transformative effect—like health care, climate change, and education—and where AI tools can empower people by helping them be more productive.”
Although the initial plan of OpenAI was to invest $100 million into the fund, the reality is that they have surpassed their previous target. “The OpenAI Startup Fund is investing $100 million to help AI companies have a profound, positive impact on the world,” the website says.
Apart from monetary investment, OpenAI said that companies accepted into the funding project will have access “to future OpenAI systems, support from the fund’s team, and credits on Azure”.
Launched in 2022
The fund, which is managed by a composition of professionals in investing, ML, Engineering, Talent and Operations as well as members of OpenAI’s leadership and technical staff, was launched in 2021. Microsoft is one of the early investors in the project.
So far, about six companies have been selected for investment. These include Harvey AI, an artificial intelligence technology service provider for legal workers; Descript, an AI video editing and social media platform; Mem, an AI self-organizing workspace firm; Speak, an AI language tutor; 1X, a Norwegian robotics firm; and Charles AI.
Interested startups can apply via this email address: firstname.lastname@example.org.