OpenAI announces second round of AI startup fund

OpenAI is welcoming applicants for the second batch of Converge 2, its AI startup empowerment initiative, offering a generous $1 million investment to each of the 15 selected participants.

Globally available, this opportunity is crafted for innovators like engineers and product developers dedicated to employing AI in groundbreaking ways. OpenAI’s investment fund, backing this vision, envisions AI as the catalyst for a new wave of pioneering startups.

The year 2023 has seen significant investment into generative AI startups, highlighting the sector’s growing promise and appeal.

In the backdrop of this enthusiastic support, OpenAI had earlier launched the first round of this fund, investing in a dozen startups to help them navigate the AI product landscape.

The initiative’s announcement, as articulated by OpenAI’s CEO Sam Altman, underscores the company’s commitment to fostering AI innovation across crucial sectors.

Participants of the six-week program will convene in San Francisco for the first and last weeks, with OpenAI taking care of the associated travel costs. The program is inclusive, urging applications from founders of all backgrounds, stressing that familiarity with AI is not mandatory. Applications for this promising program are open until January 26, 2024.

In parallel, Thailand’s Kasikornbank has earmarked $100 million through KXVC to invest in startups focused on AI, Web3, and deep tech, targeting the Asia-Pacific market.

Furthermore, France’s Mistral AI successfully garnered $415 million in a funding round led by Andreessen Horowitz and Lightspeed Ventures, concluding on December 1.

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