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OpenAI Closes $175 Million Startup Investment Fund

American artificial intelligence (AI) company OpenAI may have just closed an investment fund. According to a Securities and Exchange Commission (SEC) filing, the firm raised over $175 million.

Reputed for being a frontrunner when it comes to AI research and technology, OpenAI has been invested in helping AI-focused startups. To this end, the platform launched what it calls the OpenAI Startup Fund in May 2021.

As revealed by the SEC filing, the initial plan was to raise $100 million to support companies that share its artificial intelligence ambitions. However, the fund has now turned out to be significantly larger than was originally anticipated.

OpenAI believes that, together, they can push the boundaries of how “AI can positively impact the world and profoundly change people’s lives.”

The fund is managed by OpenAI CEO Sam Altman and COO Brad Lightcap and was raised from 14 investors. Per the filing, Microsoft is one of the notable brands that backed the fund.

It might be worth mentioning how OpenAI’s ChatGPT and GPT-4 have recently become a worldwide sensation. That is not to mention that the platform also recently closed a share sale of over $300 million, bringing its valuation to around $29 billion.

But despite this level of success, Altman has continued to point out the need to be wary of the risks of AI technology. He also urges that the world needs forward thinking about the governance of superintelligence.

To this end, Altman has reportedly hinted that OpenAI may raise as much as another $100 billion in the coming years. According to reports, the fund will be used to develop “artificial general intelligence (AGI) that is advanced enough to improve its own capabilities”.

In one of the most recent events involving OpenAI’s ChatGPT, Coinspeaker reported that Solana has integrated AI into its network.

OpenAI Closes $175 Million Startup Investment Fund

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