The OpenAI Startup Fund, a venture fund affiliated with OpenAI, secured a $15 million investment from two undisclosed investors on or around April 19, as per a filing with the U.S. Securities and Exchange Commission. Managed by Ian Hathaway, the fund directed the capital to an entity named OpenAI Startup Fund SPV II, L.P., using a special purpose vehicle (SPV).
SPVs allow multiple investors to pool resources for investment in a single entity, often used in venture capital to accommodate investments outside a fund's primary focus. This marks the second instance the OpenAI Startup Fund utilized an SPV, following a $10 million round in February.
Although not financially tied to OpenAI, the fund faced scrutiny due to CEO Sam Altman's prior control over it, raising concerns about potential conflicts of interest. Despite assurances from OpenAI that the arrangement was temporary, critics questioned the transparency of Altman's involvement.