OpenAI's Second AI Startup Fund Now Accepting Applications

OpenAI Launches Converge 2 Program for AI Startups

OpenAI has announced the launch of its second round of the Converge program, a six-week initiative aimed at AI startups. The organization plans to invest $1 million into each of the 15 selected participants. Whether you're an engineer, designer, researcher, or product builder, this program is designed to support individuals utilizing AI for innovative purposes. OpenAI believes that robust AI systems will drive the next generation of groundbreaking startups.

Rising Support for AI Startups

The proliferation of AI tools and solutions has attracted significant support from industry experts and investors. This year alone, generative AI startups have received substantial funding from various companies and organizations. OpenAI's Startup Fund, initiated in November 2022, aims to support aspiring founders and companies creating innovative AI products. In its first phase, the program provided $1 million in investment to 12 selected startups.

OpenAI's Vision for Applied AI

OpenAI's CEO, Sam Altman, shared a statement announcing the Converge program. The company emphasized its commitment to pushing the boundaries of applied AI in essential domains. The program's initial and final weeks will be held in San Francisco, with OpenAI covering travel expenses. While remote attendance is possible, in-person participation is highly recommended.

Open to Diverse Founders, Regardless of Experience

OpenAI encourages founders from diverse backgrounds, regardless of their location outside the United States and their level of experience, to apply for the program. Prior experience with AI systems is not a requirement. The application period began on December 13, 2023, and will close on January 26, 2024.

Other AI Funding News

Kasikornbank (KBank), a private bank in Thailand, has introduced a primary fund of $100 million, called KXVC, to invest in AI, Web3, and deep tech startups, with a focus on the Asia-Pacific region. French AI startup Mistral AI recently announced a funding achievement of $415 million to further develop its technology and open-source software. The funding round was led by Andreessen Horowitz, with support from Lightspeed Ventures, the startup's original backers.