OpenAI’s $175 million fund undergoes a major ownership shift
In a recent move that has raised eyebrows in the tech community, OpenAI has made significant changes to the ownership structure of its $175 million venture capital fund.
Sam Altman, the former CEO of OpenAI, has been removed as the owner of the fund, following a governance restructuring detailed in a filing with the US Securities and Exchange Commission (SEC).
The OpenAI Startup Fund, which was established to support AI startups, was initially managed by Altman, who raised the $175 million from external limited partners and made investment decisions on behalf of the fund.
However, in a statement issued by OpenAI, it was clarified that Altman does not have a financial interest in the fund despite his previous ownership of it.
The fund’s ownership has now been transferred to Ian Hathaway, a partner at the fund since 2021, as per the recent filing. Altman will no longer serve as a general partner at the fund.
Hathaway has been actively involved in overseeing the fund’s accelerator program and has led investments in various companies, including Harvey, Cursor, and Ambience Healthcare.
The decision to change the ownership structure of the fund was described as a move to provide further clarity by OpenAI, signaling a shift away from the temporary arrangement that had previously been in place.
Altman’s wide-ranging investment interests outside of OpenAI, including ventures in the Middle East and involvement in companies like Worldcoin and Helion Energy, had drawn attention in the past.
Following Altman’s departure from OpenAI in November 2021, an independent investigation found no evidence of wrongdoing in terms of product safety or finances related to the company.
The OpenAI Startup Fund, which was launched in late 2021, has been actively investing in AI startups and projects, with commitments totaling $175 million and a portfolio that includes companies like Descript and Harvey.
While the ownership shift may raise questions about the fund’s future direction, OpenAI has reaffirmed its commitment to supporting the growth of AI startups and projects through strategic investments and partnerships with players like Microsoft.
The move to transfer ownership of the fund to Hathaway reflects OpenAI’s ongoing evolution and commitment to fostering innovation in the AI space, while maintaining transparency and accountability in its operations.
