OpenAI said the Startup Fund initiative represents an effort to help push the boundaries of applied AI in key areas.
OpenAI has opened applications for the second cohort of its six-week artificial intelligence (AI) startup program, Converge 2, through which it will invest $1 million in each of the 15 shortlisted participants.
The organization behind ChatGPT announced that the initiative is available worldwide, targeting individuals such as engineers, designers, researchers, and product makers who use artificial intelligence for innovation purposes. OpenAI launched its startup fund with the idea that powerful AI systems will power a new era of pioneering startups.
The rapid proliferation of AI tools and solutions has attracted support from industry experts and investors. In 2023 alone, innovative AI startups received significant funding from various companies and organizations.
In November 2022, OpenAI launched the first phase of its Startup Fund to support ambitious founders and companies creating innovative AI products. It offers an investment of $1 million to each of the 12 startups selected from the pool of applicants
Announcing the program through a statement shared by CEO Sam Altman, OpenAI explained the background of the initiative and its impact on AI. The startup fund initiative, OpenAI, is doing its part to help push the boundaries of AI applications in key sectors, the company said.
The first and last weeks of the program will be held in San Francisco, where OpenAI will cover travel expenses for participants, the company said.
The company also encourages founders with diverse backgrounds to apply, regardless of their location outside the US or their level of experience. He stressed that previous experience in artificial intelligence systems is not a requirement.
The application period is from December 13, 2023 to January 1, 2023. 26, 2024.
Kasikornbank, a Thai private bank, has also introduced a US$100 million seed fund, KXVC, to invest in AI, Web3 and deep tech startups, with a particular focus on the Asia-Pacific region.
Meanwhile, French startup Mistral AI revealed that it raised $415 million in its latest funding round, which closed on December 1. Andreessen Horowitz led the funding round, with support from the startup's early backer, Lightspeed Ventures.
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