Just a few months after the artificial-intelligence-powered chatbot ChatGPT went live, the CEO of OpenAI, Sam Altman, filed registration materials for a new venture capital fund.
That fund, his venture firm Hydrazine Capital’s fourth fund, was launched in March, and sometime before the end of June got a check from one of Silicon Valley’s more noteworthy limited partners, the University of Michigan’s $17.9 billion endowment, which has also invested directly in OpenAI and in OpenAI’s corporate venture fund, according to public filings and documents obtained by Fortune via a Freedom of Information Act request. That check is the second investment the University of Michigan has made into Altman's venture capital firm.
