OpenAI CEO Sam Altman has transferred formal control of the eponymously agency’s named corporate venture fund to Ian Cathaway, OpenAI confirmed to Ztoog.
The Open AI Startup Fund, launched in 2021, was initially set up with Altman as its named controller. The association might have offered a significant difficulty to the corporate if he had not been reinstated as Open AI’s CEO following his temporary ouster in November. The fund’s preliminary GP structure was meant as a short lived association, and Altman made no private funding, nor did he have any monetary curiosity, a spokesperson defined.
The information was earlier reported by Axios.
Cathaway joined OpenAI in 2021 and performed a key position managing the Startup Fund, main investments in Ambience Healthcare, Cursor, Harvey, and Speak. He was beforehand an investor with Haystack, in accordance with his LinkedIn profile.
Last 12 months, the fund had $175 million in commitments. Investors included Microsoft and different exterior backers. The unit invests in early-stage AI-driven firms in fields like healthcare, regulation and schooling.
The Startup Fund has backed a minimum of 16 different startups, in accordance with PitchBook knowledge. They embody Descript, a collaborative enhancing platform valued at $553 million final 12 months, and Ghost Autonomy, which develops software program for autonomous driving.