New Venture Fund Tied to OpenAI Reaches First Close
A new venture capital fund with significant connections to OpenAI has successfully completed its first closing, achieving a milestone in its goal to raise $100 million. The founders, who spoke exclusively to TechCrunch, have already disbursed capital to a couple of startups.
Meet Zero Shot and Its Founders
The fund, named Zero Shot, takes its name from a term in AI training and boasts a co-founding team composed of several prominent figures from OpenAI. Their venture into the world of venture capital has come about almost serendipitously.
Founding Partners with Pivotal Backgrounds
Three of the founding partners have deep roots at OpenAI. Evan Morikawa, who previously led applied engineering during the rollout of DALL·E and ChatGPT via Codex, is now focusing his efforts on robotics with the startup Generalist. Andrew Mayne, known as OpenAI’s original prompt engineer, also hosts The OpenAI Podcast and has launched Interdimensional, a consultancy that specializes in AI deployment. Shawn Jain rounds out the trio as an engineer and former researcher at OpenAI, who subsequently transitioned to venture capital and co-founded the generative AI startup Synthefy.
An Experienced Venture Capital Team
Joining these OpenAI alums is Kelly Kovacs, a former founding partner at 01A, a growth-stage venture firm established by Dick Costello and Adam Bain. Additionally, Brett Rounsaville, who has held roles at Twitter and Disney, now serves as CEO at Interdimensional.
Shared Vision and Market Opportunities
The partners have a longstanding friendship, having collaborated closely during their tenure at OpenAI prior to the release of ChatGPT and throughout its rapid expansion. After leaving, they frequently found themselves advising other VCs about emerging AI technologies and consulting for founders seeking direction—an experience that inspired Mayne to establish his consulting firm.
Identifying Market Needs and Fundraising Success
Through their discussions, the founders recognized significant gaps between the numerous AI startups receiving funding and the actual needs of the market. This insight led them to consider creating their own venture fund, motivated by a strong understanding of market trends and access to talented builders. After initiating conversations with institutional investors and family offices, they successfully closed the first $20 million and are now focused on achieving their $100 million goal. To date, they have already made several initial investments.
Initial Investments in Promising Startups
Zero Shot has allocated funds to several promising startups, including Worktrace AI, co-founded by former OpenAI product manager Angela Jiang. This startup is developing an AI-based management software platform aimed at helping businesses identify and automate tasks. Worktrace AI has successfully raised $10 million in seed funding from notable backers, including Mira Murati and OpenAI’s Fund. The fund has also invested in Foundry Robotics, a company focused on next-generation, AI-enhanced factory robotics that recently completed a $13.5 million seed round led by Khosla Ventures. Another investment has been made in a third startup currently operating in stealth mode.
Strategic Insights on AI Investments
The founders of Zero Shot assert they possess a deeper understanding of AI’s trajectory than many traditional venture capitalists. This insight assists them not only in selecting which startups to invest in but also in discerning which ventures to avoid. For instance, Mayne expresses skepticism regarding many applications of “vibe coding,” predicting that model creators will soon render subscriptions to such platforms redundant. Morikawa, leveraging his expertise in AI and robotics, shares concerns about the viability of “ergo-centric video data companies” in robotics, suggesting that the research gaps remain vast. Similarly, both founders express caution toward startups exploring “digital twins,” having conducted thorough due diligence that led them to favor more straightforward models.
A Diverse Advisory Board
In addition to the founding partners, Zero Shot has enlisted several distinguished advisors who will receive a share of the fund’s “carried interest.” Among these advisors are Diane Yoon, former head of people at OpenAI; Steve Dowling, the previous head of communications at both OpenAI and Apple; and Luke Miller, a former product leader at OpenAI.