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

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

The Startup Fund has backed not less than 16 different startups, based on PitchBook information. They embrace Descript, a collaborative modifying platform valued at $553 million final yr, and Ghost Autonomy, which develops software program for autonomous driving.

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