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

Trending 2 weeks ago

OpenAI CEO Sam Altman has transferred general power of nan eponymously firm’s named firm task money to Ian Cathaway, OpenAI confirmed to TechCrunch. 

The Open AI Startup Fund, launched successful 2021, was initially group up pinch Altman arsenic its named controller. The statement could person presented a awesome rumor to nan institution if he had not been reinstated arsenic Open AI’s CEO pursuing his little ouster successful November. The fund’s first GP building was intended arsenic a impermanent arrangement, and Altman made nary individual investment, nor did he person immoderate financial interest, a spokesperson explained. 

The news was earlier reported by Axios.

Cathaway joined OpenAI successful 2021 and played a cardinal domiciled managing nan Startup Fund, starring investments successful Ambience Healthcare, Cursor, Harvey, and Speak. He was antecedently an investor pinch Haystack, according to his LinkedIn profile.

 Last year, nan money had $175 cardinal successful commitments. Investors included Microsoft and different outer backers. The portion invests successful early-stage AI-driven companies successful fields for illustration healthcare, rule and education.

The Startup Fund has backed astatine slightest 16 different startups, according to PitchBook data. They see Descript, a collaborative editing level weighted astatine $553 cardinal past year, and Ghost Autonomy, which develops package for autonomous driving.