OpenAI is now launching a massive $100 million startup fund which is to be called the OpenAI Startup Fund! The company has made the fund for it and its partners to invest in certain early-stage AI companies that are tackling major problems.
OpenAI Startup Fund
According to TechCrunch‘s May 27 story, OpenAI is launching the OpenAI Startup Fund, which aims to tackle critical problems and productivity of certain companies. The ultimate goal is for AI to be used more openly in other fields where the use of this technology can benefit progress.
Among the major partners and investors of this particular fund is none other than Microsoft. Sam Altman, the founder of Open AI, announced the news at the Microsoft Build conference, according to TechCrunch. In a certain pre-recorded video, Altman explains that this is not really a typical corporate venture fund.
OpenAI $100 Million Budget
The note says the company does not plan to make big early bets on what seems to be a relatively small number of companies, most probably not more than 10. Although it still isn’t clear as to exactly how the whopping $100 million should be disbursed or divided or on what particular timeline it will follow.
There was also no confirmation as to whether this will be a longer problem, but it now seems like the fund is limited and not just to the full 2021. According to the May 26 post by SlashDot, Altman noted that they are currently looking for companies that are dedicated to tackling certain serious issues.
What Will the Fund be For?
The companies that Altman is looking for should reportedly tackle serious issues like climate change, healthcare, and education. The companies should also be where AI-powered applications or approaches could potentially benefit all of humanity along with the mission statement by OpenAI.
It was also noted that they would be considering certain productivity improvements as well. This is presumably like the useful GPT-3 powered natural language coding that Microsoft had just shown off on May 25. Companies that are reportedly selected for this funding will be able to gain early access to the brand new OpenAI systems and Azure resources coming from Microsoft.
Use of AI
This would hopefully allow users to be able to spring some fully formed and even ready to scale from the program itself. OpenAI would not technically elaborate on the whole equity agreement, the expectations for the startups, other partners, or even other details. It’s now entirely possible that the massive $100 million figure is currently the only thing that the company has settled on.
With OpenAI trying to push for the positive use of AI in order to make an impact on society along with the help of a $100 million funding, the new movement could inspire other companies to develop better technologies that could make a difference. Although there isn’t really a specific description as to what OpenAI is looking for, we now know that it will most likely be in the healthcare, education, or even language field.
Written by Urian B.