Today: Jun 14, 2024

Round two of OpenAI’s AI startup fund now open for business.

6 months ago

OpenAI has launched applications for the second round of its six-week startup program, Converge 2. The program aims to invest $1 million in each of the fifteen successful applicants. This international initiative is aimed towards individuals such as engineers, designers, and researchers who are using AI in innovative ways. The fund was founded on the belief that robust AI systems will drive a new era of transformative startups. OpenAI expressed this initiative’s purpose is to help push the boundaries of applied AI in crucial fields.

  • Converge 2 aims to support the rapid rise of AI tools and solutions. Various firms and organizations significantly funded generative AI startups in 2023.
  • Initiated in November 2022, the first round of the startup fund supported aspiring founders and firms creating innovative AI products. It invested $1 million in each of the twelve selected startups.
  • OpenAI will cover travel expenses for participants in the initial and final weeks of the program, which will take place in San Francisco.
  • The company encourages founders from diverse backgrounds to apply, regardless of their location outside the United States or experience level. Prior experience with AI systems is not a requirement.
  • Applications are open from December 13, 2023, until January 26, 2024.

In other related news, Thailand’s Kasikornbank has also introduced a primary fund of $100 million, KXVC, to invest in AI, Web3, and deep tech startups, specifically focusing on the Asia-Pacific region. Meanwhile, French AI startup Mistral AI disclosed raising $415 million in its startup’s recent funding round, which ended on December 1. The funding round was spearheaded by Andreessen Horowitz, along with support from the startup’s original backers, Lightspeed Ventures.