OpenAI has initiated the application process for the second installment of its Converge program, a six-week AI startup initiative, wherein it plans to invest $1 million in each of the 15 successful applicants. The program is open globally and invites engineers, designers, researchers, and product developers who utilize artificial intelligence in innovative ways. The aim of this initiative is to catalyze groundbreaking startups driven by powerful AI systems.
The surge in the use of AI tools and solutions has garnered support from industry experts and investors alike. Notably, in 2023, generative AI startups received substantial funding from various entities. OpenAI had launched its inaugural startup fund in November 2022, backing 12 startups with $1 million each, selected from a pool of applicants.
CEO Sam Altman shared a statement detailing the initiative's origins and its impact on the realm of artificial intelligence. OpenAI emphasizes that this launch fund program is its endeavor to push the boundaries of applied AI in crucial sectors. The program's commencement and conclusion will be held in San Francisco, with OpenAI covering the travel expenses for participants during the first and final weeks.
OpenAI encourages founders from diverse backgrounds to apply, irrespective of their global location or experience level. Notably, proficiency in AI systems is not mandatory. The application window for the program spans from December 13, 2023, to January 26, 2024.
In a separate development, Kasikornbank, a Thai private bank, has introduced a $100 million junior fund named KXVC. The fund is dedicated to investing in startups focused on artificial intelligence, Web3, and deep tech, with a specific emphasis on the Asia-Pacific region. Meanwhile, French AI startup Mistral AI announced the closure of its recent funding round on December 1, securing an impressive $415 million. The round was led by Andreessen Horowitz, with continued support from Lightspeed Ventures, the startup's initial investor.
