OpenAI Changes Venture Fund Leadership
The OpenAI Startup Fund, with $175 million in investments from partners like Microsoft, is managed by Ian Hathaway, who has been a partner at the fund since 2021.
OpenAI has made changes to the governance of its venture capital fund supporting AI startups, removing its CEO, Sam Altman, from ownership and control, as per a filing with the US Securities and Exchange Commission (SEC).[1]
The move follows scrutiny over Altman's ownership structure of the OpenAI Startup Fund, which raised questions due to its unconventional setup. Although marketed akin to a corporate venture arm, Altman raised the funds from external limited partners and made investment decisions. OpenAI clarified that Altman does not have a financial stake in the fund, despite his ownership.
The OpenAI Startup Fund, with $175 million in investments from partners like Microsoft, is managed by Ian Hathaway, who has been a partner at the fund since 2021.
Hathaway, responsible for overseeing the fund's accelerator program and leading investments in companies such as Harvey, Cursor, and Ambience Healthcare, now assumes control of the fund.
Following Altman's departure from OpenAI in November, an investigation found no evidence of wrongdoing concerning product safety or the organization's finances.
