Since its launch in 2021, the OpenAI Startup Fund has raised US$175 million for its main fund and an additional US$114 million through five special purpose vehiclesโinvestment pools created for specific opportunities.
Unlike other large tech companies, OpenAI does not invest in startups using its own money. Instead, the OpenAI Startup Fund is backed by external investors, including Microsoft, one of OpenAIโs biggest supporters, along with other OpenAI partners, according to the fundโs website.
How OpenAI is investing in startups
OpenAI has backed companies across a range of industries, including robotics, healthcare, education, and legal tech. Here are some of the key startups that have secured investment from the OpenAI Startup Fund:
- 1X โ A Norwegian robotics company that raised US$23.5 million in early 2023, with OpenAIโs fund and Tiger Global’s leading investment. However, OpenAI was not named as a backer in its US$100 million Series B round in January 2024.
- Ambience Healthcare โ An AI-powered medical note-taking startup that secured US$70 million in a Series B round in February 2024, co-led by OpenAIโs fund and venture capital firm Kleiner Perkins.
- Chai Discovery โ A biotech startup focusing on AI-driven drug discovery, which secured US$30 million in a seed round in September 2023.
- Descript โ An AI-driven audio and video editing platform that raised US$50 million in a Series C round led by OpenAIโs fund in late 2022.
- Figure AI โ A robotics company focused on AI-driven humanoid robots, which raised US$675 million in a Series B funding round in February 2024. The deal valued Figure AI at US$2.6 billion.
- Harvey AI โ A legal tech startup that raised US$21 million in a Series A round in April 2023, with backing from OpenAIโs fund. The fund also participated in later rounds, including a US$300 million Series D in May 2024, which valued Harvey AI at US$3 billion.
The impact of OpenAIโs investments
OpenAIโs financial backing is helping startups develop cutting-edge AI applications across different sectors. Companies like Ambience Healthcare and Harvey AI use AI to transform industries such as medicine and law, while robotics firms like 1X and Figure AI are advancing automation and humanoid robotics. The investments indicate OpenAIโs strategy of supporting innovative startups that align with its vision of AI-driven progress.
Whatโs next for OpenAIโs Startup Fund?
With a growing portfolio of funded companies, OpenAIโs Startup Fund continues to expand its influence. Its investments in AI-driven startups highlight its commitment to shaping the future of artificial intelligence. As more startups emerge, OpenAI will likely continue to invest in new ventures that push the boundaries of AI technology.
