OpenAI is launching a new $400 million venture fund focused on early-stage AI startups, with the company serving as the fund’s sole investor.

The fund is expected to invest in 8-10 startups annually, writing checks ranging from a few million dollars to as much as $100 million per company.

Unlike OpenAI’s first $175 million startup fund which was backed by external investors including Microsoft and supported companies such as Harvey, the new vehicle will be entirely financed by OpenAI.

By funding the vehicle itself, OpenAI will retain 100% of the investment returns generated by its portfolio companies.