Did OpenAI raise $175m to invest in other AI start-ups?

OpenAI has raised more than $175m to invest in other AI start-ups, according to a securities filing. Sam Altman, chief executive of the start-up behind ChatGPT, made the filing yesterday (24 May) with the US Securities and Exchange Commission, with a total offering amount of $175.25m for the OpenAI Startup Fund I.

How much money has OpenAI raised?

Here is the latest wheeze, according a filing it made with the SEC yesterday (HT The Information who spotted it first): Per the filing, OpenAI has now raised $175,250,000 from 14 investors for its fund to invest in start-ups, compared with an initial target of $100mn when it launched (with Microsoft backing) in 2021.

What is OpenAI startup fund?

Why it matters: OpenAI's structural strangeness permeates all aspects of the business. Background: OpenAI Startup Fund was launched in late 2021 to invest in other AI startups and projects. By last May it reported $175 million in total commitments, and a portfolio that included video editor Descript and legal tool Harvey.