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 Cathaway, OpenAI confirmed to Trendster. 

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

The information was earlier reported by Axios.

Cathaway joined OpenAI in 2021 and performed a key function managing the Startup Fund, main investments in Atmosphere Healthcare, Cursor, Harvey, and Communicate. He was beforehand an investor with Haystack, in line with his LinkedIn profile.

 Final yr, the fund had $175 million in commitments. 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 least 16 different startups, in line with PitchBook knowledge. They embody Descript, a collaborative enhancing platform valued at $553 million final yr, and Ghost Autonomy, which develops software program for autonomous driving.

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