OpenAI Startup Empire: Companies Backed by OpenAI Global Ventures

OpenAI Startup Fund Investment Activity

Established in 2021, the OpenAI Startup Fund has successfully accumulated $175 million for its primary fund. Furthermore, it has secured an additional $114 million through the creation of five distinct special purpose vehicles, designed for targeted investment opportunities.

Funding Structure and Approach

Unlike numerous large technology corporations, OpenAI maintains that it does not utilize its own corporate funds for startup investments. The OpenAI Startup Fund is specifically raised from external investors. This includes substantial contributions from Microsoft, a key backer of OpenAI, alongside “other OpenAI partners,” as detailed on the fund’s official website.

Portfolio Overview

Managed by a dedicated team, the OpenAI Startup Fund has, to date, invested in more than a dozen startups, as indicated by data from PitchBook, Crunchbase, and independent research conducted by TechCrunch.

Investments – Alphabetical Listing

The following companies have publicly disclosed receiving investments from the fund:

• 1X: This Norwegian company, focused on humanoid robotics, secured $23.5 million in funding led by the OpenAI Startup Fund and Tiger Global in early 2023. OpenAI’s fund was not listed among investors in their subsequent $100 million Series B round announced in January.
• Ambience Healthcare: An AI-driven startup specializing in medical note-taking, Ambience Healthcare raised $70 million in a Series B round in February 2024. This round was co-led by OpenAI’s fund and Kleiner Perkins. Ambience is developing AI medical scribes alongside companies like Abridge, Nabla, Suki, and Nuance.
• Anysphere (Cursor): In October 2023, OpenAI’s fund spearheaded an $8 million seed round for Anysphere, the creator of the AI-powered coding assistant Cursor. OpenAI’s involvement was not publicized in later funding stages.
• Chai Discovery: Developing an open-source AI foundational model for drug discovery, Chai Discovery secured $30 million in a seed round led by Thrive Capital and OpenAI’s fund in September. This deal valued the six-month-old company at $150 million.
• Class Companion: This edtech startup completed a $4 million seed round in 2023, with participation from OpenAI’s fund and various angel investors. It provides tools to help teachers deliver rapid, individualized feedback to students.
• Descript: The collaborative audio and video editing platform raised $50 million in a Series C round led by OpenAI’s fund shortly after the introduction of ChatGPT in late 2022. Andreessen Horowitz, Redpoint Ventures, Spark Capital, and Daniel Gross also invested.
• Figure AI: This AI robotics company raised $675 million in a Series B round in February 2024, with investments from Nvidia, OpenAI’s fund, Microsoft, and others. The round resulted in a company valuation of $2.6 billion. Figure AI is currently exploring a $1.5 billion raise at a $39.5 billion valuation.
• Ghost Autonomy: This developer of autonomous driving software raised $55 million in a Series E round in April 2023, with a $5 million investment from OpenAI’s fund. However, the company subsequently ceased operations a year later.
• Harvey AI: This legal tech startup secured $21 million in a Series A round in April 2023, backed by OpenAI’s fund and other investors. The fund continued to participate in subsequent rounds, including a $300 million Series D last month, which valued Harvey at $3 billion.
• Heeyo: This educational AI chatbot for children announced a $3.5 million funding round in August, with participation from OpenAI’s fund, Alexa Fund, Pear VC, and other investors.
• Kick: Developing AI agents designed to automate bookkeeping processes, Kick raised a $9 million seed round co-led by General Catalyst and OpenAI’s fund in October.
• Mem: This AI-powered note-taking application raised a $23.5 million Series A round in November 2022, led by OpenAI’s fund. No further funding rounds have been publicly reported.
• Milo: This startup is creating an AI-powered personal assistant to assist parents in managing and tracking their children’s activities. Milo received undisclosed pre-seed and seed funding from OpenAI’s fund, YC, and other sources.
• Physical Intelligence: This foundational software provider for robotics secured a $70 million seed round last March, with OpenAI’s fund as a participant. The fund also invested in the company’s subsequent $400 million Series A, which valued the company at over $2 billion. Lux Capital, Sequoia, and Jeff Bezos were also investors.
• Speak: This AI-powered language learning app developer raised a $27 million Series B round in November 2022, led by OpenAI’s fund. The fund also participated in Speak’s $78 million Series C round in December, resulting in a $1 billion valuation.
• Thrive AI: Arianna Huffington, founder of the Huffington Post, and the OpenAI Startup Fund collaborated on investing in and developing this “AI health coach” startup in July. Thrive AI aimed to raise $10 million, as indicated in a regulatory filing.
• Unify: This sales technology startup has secured approximately $19 million in seed and Series A funding from the OpenAI Startup Fund, Thrive Capital, and Emergence.