OpenAI’s CEO Sam Altman has announced a significant investment of $175 million in artificial intelligence (AI) companies that demonstrate a commitment to safety and positive impact. The fund, managed by a team with expertise in investing, machine learning, and engineering, aims to support early-stage startups in various fields where AI can revolutionize industries such as healthcare, law, education, energy & infrastructure, and the sciences.
Altman emphasized the fund’s dedication to pushing the boundaries of what AI models can achieve and solving pressing global challenges. The OpenAI Startup Fund, founded in 2021, has attracted investors including Reid Hoffman, OpenAI’s largest backer, and other partners of the organization.
The fund’s website states that it seeks to empower people by leveraging AI tools to enhance productivity. Altman, who handed control of the fund to OpenAI partner Ian Hathaway earlier this year, envisions supporting a maximum of 10 companies, making “big early bets” on a select number of ventures to differentiate the OpenAI Startup Fund from others.
The initiative has already made investments in several startups, including Descript, Mem, Speak, 1X, Kudo AI, Anysphere, Class Companion, Ghost Autonomy, Harvey, Ambience Healthcare, Figure AI, and Thrive AI Health. These companies are working on AI applications in robotics, healthcare, law, and other sectors.
Descript, an audio-video editor that utilizes AI for transcription and editing, received a $50 million funding round led by OpenAI. Mem, a self-organizing workspace powered by AI, secured $23.5 million in funding. Speak, an AI tutor and language-learning platform, raised $27 million.
1X, based in Norway, is developing humanoid robots NEO and EVE to train learning models and work alongside partners. OpenAI invested $23.5 million in 1X. Kudo AI, offering a JavaScript library for AI-driven applications, received a grant funding of $98,000. Anysphere, developing an AI-native software environment, received an $8 million investment.
Class Companion, an AI-driven teaching assistant, secured $4 million in seed funding. Unfortunately, Ghost Autonomy, an autonomous-driving software provider, shut down, marking the fund’s first failed venture. Harvey, a generative AI platform for legal workflows, raised $80 million. Ambience Healthcare, offering real-time generated clinical documentation, received $70 million in funding.
Figure AI, another AI-powered humanoid robot developer, raised $675 million. OpenAI and Thrive Global recently announced an investment in Thrive AI Health, a startup aiming to create a personalized health coach using AI technology.
Altman expressed excitement about the potential of AI in industries such as healthcare, climate change, and education, highlighting the transformative impact it can have. The OpenAI Startup Fund’s investments aim to unlock the untapped value of AI for the betterment of humanity.
