Converge 2 Is Out, OpenAI To Invest $1 Million In 15 AI Startups Worldwide
Latest News News

Converge 2 Is Out, OpenAI To Invest $1 Million In 15 AI Startups Worldwide

OpenAI has officially opened applications for the second edition of its six-week program tailored for artificial intelligence (AI) startups, known as ‘Converge 2.’

This program will see OpenAI invest $1 million into each of the 15 successful participants who are chosen.

Converge 2 is an initiative accessible to individuals worldwide, targeting engineers, designers, researchers, and product builders who are utilizing AI for innovative purposes.

OpenAI’s motivation behind this startup fund is rooted in the belief that robust AI systems have the potential to catalyze groundbreaking startups and usher in a new era of innovation.

See Also: OpenAI ChatGPT Is Back Online After A Major Web Outage

The growing ubiquity of AI tools and solutions has garnered substantial support from industry experts and investors, particularly in 2023, where generative AI startups have seen significant funding inflows from various companies and organizations.

In November 2022, OpenAI launched the first phase of its startup fund, designed to bolster aspiring founders and companies focused on developing innovative AI products.

This inaugural phase allocated $1 million in investment to each of the 12 chosen startups selected from a pool of applicants.

OpenAI’s CEO, Sam Altman, announced the Converge 2 program via an official statement.

The organization underscored the program’s significance within the AI landscape, emphasizing its commitment to pushing the boundaries of applied AI across vital domains.

Notably, OpenAI will host the initial and final weeks of the program in San Francisco, with the company covering participants’ travel expenses.

Furthermore, OpenAI is actively encouraging founders from diverse backgrounds to apply, irrespective of their location outside the United States or their experience level.

The company has explicitly stated that prior experience with AI systems is not a mandatory requirement.

The application window for Converge 2 is open from December 13, 2023, through January 26, 2024.

In a related development, Kasikornbank, a private bank in Thailand, has introduced a substantial fund of $100 million, known as KXVC, aimed at investing in AI, Web3, and deep tech startups.

See Also: Microsoft Chose Apple’s Macs Over Own Product For OpenAI Team

This fund is, however, particularly focused on the Asia-Pacific region.

Meanwhile, French AI startup Mistral AI recently announced a successful fundraising round, securing an impressive $415 million in funding.

This funding round was spearheaded by Andreessen Horowitz, with support from the startup’s original backers, Lightspeed Ventures.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.