OpenAI raises $175 million for startup investment fund

The OpenAI logo arranged on a laptop in Beijing, China, on Friday, Feb. 24, 2023. The rally in Chinese artificial intelligence stocks is showing further signs of cooling amid media reports of authorities banning access to OpenAI's ChatGPT service. Bloomberg

Artificial intelligence startup OpenAI has closed an investment fund, according to a Securities a Exchange Commission filing. The fund has a value of more than $175 million, the document shows.

OpenAI has been investing in startups working in artificial intelligence for a while. The company launched the OpenAI Startup Fund and said it would seek to back companies “pushing the boundaries of how powerful AI can positively impact the world and profoundly change people’s lives.”

The company said at the time it would put $100 million into the fund.  The SEC filing shows that the fund, called OpenAI Startup Fund I, is larger than initially anticipated. A representative for OpenAI did not immediately respond to a request for comment. Tech news site The Information earlier reported on the filing.