Sam Altman Steps Down from Control of OpenAI Startup Fund, Streamlining Unique Corporate Venture Structure

Home AI News Sam Altman Steps Down from Control of OpenAI Startup Fund, Streamlining Unique Corporate Venture Structure

Updated on October 22 2024

OpenAI CEO Sam Altman has officially handed over control of the OpenAI Startup Fund to Ian Hathaway, as confirmed by the company.

Launched in 2021, the OpenAI Startup Fund was originally managed by Altman. This arrangement could have posed significant challenges for the company, especially given his brief removal as CEO last November. The fund's initial structure was meant to be temporary, and Altman did not make any personal investments or hold any financial stake, according to a spokesperson.

Axios first reported this news.

Hathaway joined OpenAI in 2021 and has been instrumental in overseeing the Startup Fund, spearheading investments in companies such as Ambience Healthcare, Cursor, Harvey, and Speak. Before joining OpenAI, he was an investor at Haystack, as indicated on his LinkedIn profile.

In its first year, the fund attracted $175 million in commitments and has since grown to hold a gross net asset value of $325 million, according to an SEC filing. Notable investors include Microsoft and various external backers. The fund focuses on investing in early-stage, AI-driven companies across sectors like healthcare, law, and education.

To date, the Startup Fund has supported at least 16 startups, as reported by PitchBook. Among these are Descript, a collaborative editing platform valued at $553 million last year, and Ghost Autonomy, which develops software for autonomous driving.

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