TLDR:
- OpenAI has removed Sam Altman from control of its venture capital fund.
- The OpenAI Startup Fund, with $175 million raised from partners such as Microsoft, invests in early-stage AI-driven companies in various sectors including healthcare, law, and education.
OpenAI has made significant changes to its governance structure by removing Sam Altman from control of the company’s venture capital fund. Altman was initially listed as the controller of the OpenAI Startup Fund, but concerns arose after his brief ouster as CEO of OpenAI in November. Despite not having any personal investment or financial interest in the fund, Altman’s ownership posed potential issues for the company. The fund, which now holds $325 million in gross net asset value, has transferred control to Ian Hathaway, who has overseen the fund’s accelerator program and led investments in various companies. Altman’s past investments in ventures outside OpenAI have also been scrutinized, but an independent investigation found no wrongdoing in terms of product safety or finances.
OpenAI’s Startup Fund, with $175 million raised from partners like Microsoft, invests in early-stage AI-driven companies in sectors such as healthcare, law, and education. The fund has seen an increase in commitments and Hathaway now holds the reins as Altman is no longer a general partner. Despite these changes, OpenAI continues to focus on supporting AI startups and innovation in various industries.
