While ChatGPT brought OpenAI into the spotlight, its influence extends far beyond that. Through its Startup Fund, OpenAI is quietly backing the next wave of AI-powered companies, shaping industries from robotics to healthcare. So, which startups are receiving OpenAI’s vote of confidence?
Since its launch in 2021, the OpenAI Startup Fund has grown in the AI investment landscape. The fund has raised $175 million for its primary investment vehicle, along with an additional $114 million through five special purpose vehicles (SPVs) designed for targeted opportunities. However, unlike other major tech companies that invest directly in startups, OpenAI does not use its capital for these investments. Instead, the fund is backed by external investors, including OpenAI’s key partner Microsoft and other affiliated partners. With a dedicated investment team managing its portfolio, the OpenAI Startup Fund has backed over a dozen AI-driven startups. Based on data from PitchBook, Crunchbase, and TechCrunch’s independent research, here’s a look at some of the companies that have received funding.
Companies Backed by the OpenAI Startup Fund
AI & Robotics
1X – A Norwegian robotics startup specializing in humanoid robots, 1X secured $23.5 million in early 2023, with OpenAI’s fund and Tiger Global leading the round. However, OpenAI’s involvement was not mentioned in the company’s $100 million Series B in early 2024.
Figure AI – An AI-powered robotics company, Figure AI raised a massive $675 million Series B in February 2024 from OpenAI’s fund, Microsoft, Nvidia, and others. The company is now reportedly in talks to raise $1.5 billion at a $39.5 billion valuation.
Physical Intelligence – This startup is building foundational software for robotics. OpenAI’s fund participated in a $70 million seed round in March 2023 and later took part in the company’s $400 million Series A, which valued it at over $2 billion. Other investors include Lux Capital, Sequoia, and Jeff Bezos.
AI in Healthcare & Life Sciences
Ambience Healthcare – A startup developing AI-powered medical note-taking tools, Ambience raised a $70 million Series B in February 2024, co-led by OpenAI’s fund and Kleiner Perkins. It competes with similar AI medical scribe startups like Abridge, Nabla, Suki, and Microsoft-owned Nuance.
Chai Discovery – Focused on AI-driven drug discovery, this company raised $30 million in a seed round last September, with OpenAI’s fund and Thrive Capital leading the investment. The deal valued the six-month-old startup at $150 million.
Thrive AI – Co-founded by Arianna Huffington in partnership with OpenAI’s fund, Thrive AI is an “AI health coach” startup that aimed to raise $10 million, according to regulatory filings.
AI in Productivity & Workflows
Anysphere (Cursor) – A developer of AI-powered coding assistant Cursor, Anysphere raised $8 million in an October 2023 seed round led by OpenAI’s fund. The company has since raised additional rounds, though OpenAI’s involvement in those was not disclosed.
Kick – This company builds AI-driven bookkeeping automation tools. It secured a $9 million seed round in October, co-led by General Catalyst and OpenAI’s fund.
Mem – An AI-powered note-taking app, Mem raised $23.5 million in a Series A round led by OpenAI’s fund in late 2022. The company has not publicly disclosed additional funding since then.
AI in Legal & Business Automation
Harvey AI – The legal tech startup employs AI to support law firms and received $21 million in Series A funding from OpenAI’s fund in April 2023. OpenAI’s fund maintained its investment in Harvey AI, participating in its $300 million Series D in February 2024, which set the company valuation at $3 billion.
Unify – Secured $19 million in seed and Series A funding from Thrive Capital and Emergence, with OpenAI’s fund participating in the round.
AI in Education & Personal Assistance
Class Companion – Helping educators provide personalized feedback using AI, this edtech startup raised $4 million in 2023 from OpenAI’s fund and angel investors.
Heeyo – A startup focused on AI chatbots for kids, Heeyo secured $3.5 million in funding from OpenAI’s fund, Alexa Fund, and Pear VC in August.
Milo – This AI-powered personal assistant is designed to help parents manage their children’s schedules. OpenAI’s fund participated in its pre-seed and seed rounds alongside Y Combinator and other investors.
AI in Audio, Video & Language Learning
Descript – A collaborative audio and video editing platform, Descript raised $50 million in a Series C round led by OpenAI’s fund in late 2022. Other investors included Andreessen Horowitz, Redpoint Ventures, Spark Capital, and ex-Y Combinator partner Daniel Gross. The company has not reported additional funding since then.
Speak – This AI-powered language learning startup raised a $27 million Series B in November 2022, led by OpenAI’s fund. In December 2023, the fund participated in Speak’s $78 million Series C, valuing the company at $1 billion.
AI in Autonomous Systems
Ghost Autonomy – A company developing autonomous driving software, Ghost Autonomy raised $55 million in a Series E round in April 2023, with OpenAI’s fund contributing $5 million. However, the investment did not yield returns, as the company shut down a year later.
The Future of OpenAI’s Startup Fund
The OpenAI Startup Fund remains committed to investing in AI startups across key sectors, including robotics, legal technology, education, and healthcare. As the AI ecosystem expands, more startups will likely receive financial backing from the fund. While OpenAI has successfully helped grow companies like Figure AI, Harvey AI, and Speak, its Ghost Autonomy investment underscores the inherent risks in AI-driven ventures. Nevertheless, OpenAI’s fund continues to play a crucial role in shaping the future of AI innovation.
