As confirmed by a filing with the US Securities and Exchange Commission (SEC), OpenAI has recently made adjustments to the management structure of its venture capital fund supporting AI startups. This change means that Sam Altman, the prominent figure associated with the fund, no longer holds ownership or control over it.
The OpenAI Startup Fund has secured $175 million in investments from partners like Microsoft, with OpenAI itself abstaining from investment participation.
News of this alteration was initially brought to light by Axios. According to a spokesperson from OpenAI, the previous ownership arrangement was seen as temporary, and this modification aims to offer clearer delineation of responsibilities.
The oversight of the fund has been transferred to Ian Hathaway, who has been involved with the fund since 2021.
Hathaway’s involvement in the fund includes managing its accelerator program and spearheading investments in various companies, such as Harvey, Cursor, and Ambience Healthcare.
Following Altman’s departure from OpenAI last November, an independent investigation concluded that he did not engage in any misconduct related to product safety or the organization’s financial matters.
Could this change in ownership structure signify a new direction for OpenAI’s investment endeavors?
Source: Reuters