Sam Altman gives up control of OpenAI Startup Fund, resolving unusual corporate venture structure

Sam Altman gives up control of OpenAI Startup Fund, resolving unusual corporate venture structure post thumbnail image

OpenAI CEO Sam Altman has transferred formal management of the eponymously agency’s named company enterprise fund to Ian Hathaway, OpenAI confirmed to TechCrunch. 

The OpenAI Startup Fund, launched in 2021, was initially arrange with Altman as its named controller. The association may have offered a significant problem to the corporate if he had not been reinstated as OpenAI’s CEO following his temporary ouster in November. The fund’s preliminary GP construction was meant as a short lived association, and Altman made no private funding, nor did he have any monetary curiosity, a spokesperson defined. 

The information was earlier reported by Axios.

Hathaway joined OpenAI in 2021 and performed a key position managing the Startup Fund, main investments in Atmosphere Healthcare, Cursor, Harvey and Converse. He was beforehand an investor with Haystack, based on his LinkedIn profile.

Final 12 months, the fund had $175 million in commitments, and now holds $325 million in gross web asset worth, based on an SEC filing. Buyers included Microsoft and different exterior backers. The unit invests in early-stage AI-driven corporations in fields like healthcare, legislation and schooling.

The Startup Fund has backed at the very least 16 different startups, based on PitchBook information. They embrace Descript, a collaborative modifying platform valued at $553 million final 12 months, and Ghost Autonomy, which develops software program for autonomous driving.


Discover more from TechPros

Subscribe to get the latest posts to your email.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Post