OpenAI Unveils USD 50 Million Fund to Boost Nonprofits and Community Innovation

OpenAI has launched a USD 50 million fund to support nonprofit and community organisations, marking the first initiative from its newly formed nonprofit commission.

The artificial intelligence company announced the fund on Friday, following the release of a recommendations report from the commission, which was established in April.

The commission was created to guide OpenAI’s philanthropic efforts as the company restructures its corporate model to raise capital while maintaining its mission to develop AI for public good.

OpenAI’s nonprofit arm currently owns and controls its for-profit counterpart. The company plans to convert the for-profit entity into a public benefit corporation, with the nonprofit remaining a shareholder.

The new fund will support partnerships that apply AI in education, economic opportunity, community organising and healthcare. It will also fund community-led research and innovation focused on public benefit.

The recommendations report was based on interviews with more than 500 nonprofits and community experts.

• OpenAI launches USD 50 million fund for nonprofits and community groups

• Fund supports AI use in education, healthcare, economic opportunity and organising

• Initiative follows recommendations from OpenAI’s nonprofit commission

Source: REUTERS