The OpenAI Startup Fund, an early-stage AI financier connected with OpenAI, has recently announced through a financial document that it has gathered more than $44 million for its fifth Special Purpose Vehicle (SPV) — marking it as the largest one till now.

Established in 2021, the Fund possesses a unique structure. Despite utilizing OpenAI’s name, it clarifies that OpenAI is not an investor. Initially under the legal control of OpenAI co-founder and CEO Sam Altman, funds have been sourced from external limited partners such as Microsoft, a primary OpenAI supporter, and “other OpenAI allies,” according to its website. Altman transferred legal control to general partner Ian Hathaway during this year.

Venture capitalists frequently employ SPVs to combine funds from financiers and invest distinct from their primary fund. The fund remains quiet about the precise purpose of these resources.

An OpenAI spokesperson conveyed to TechCrunch that this SPV “will be utilized to back a variety of current portfolio firms and to initiate new investment opportunities.”

“SPVs enable us to distribute capital to high-potential investments when opportunities arise.”

Originated in 2021, the fund has been notably active in SPV engagements this year, revealing five distinct vehicles totaling to $114.2 million:

• SPV I, January 2024: $10,000,000

• SPV II, April 2024: $24,999,947 (initially disclosed as $15m, later amended)
• SPV III, May 2024: $5,000,000 (as detailed by TechCrunch)
• SPV IV, July 2024: $29,916,411
• SPV V, Dec 2024: $44,281,693

Despite its high level of activity, the website is limited, with its latest news being a year old. It mentions merely a handful of its investments, such as the legal AI startup Harvey and the AI note-taking application Mem.

Yet, the fund is significantly more active than its website suggests. Noteworthy investments this year feature Thrive Health, an AI health endeavor between Sam Altman and Ariana Huffington, and the warm outbound startup Unify.

Additionally, the fund is a seed backer in Anysphere, which is presently involved in a VC bidding contest owing to its AI coding aide Cursor.

These SPVs are in addition to the Fund’s initial capital of $175.25 million, which was accumulated back in October 2021.