1. OpenAI CEO Sam Altman transferred control of the Open AI Startup Fund to Ian Cathaway.
2. The Startup Fund was initially controlled by Altman, but the GP structure was temporary and he had no personal investment.
3. Cathaway led investments in several AI-driven startups with the fund, which has $175 million in commitments and has backed at least 16 companies.
OpenAI CEO Sam Altman has relinquished formal control of the company’s corporate venture fund, the Open AI Startup Fund, to Ian Cathaway. Initially, Altman was in charge of the fund, but this could have posed a problem for the company if he had not been reinstated as CEO. The fund’s structure was meant to be temporary, and Altman had no personal investment or financial interest in it.
Ian Cathaway joined OpenAI in 2021 and played a significant role in managing the Startup Fund, making investments in companies like Ambience Healthcare and Ghost Autonomy. The fund had $175 million in commitments last year, with investors including Microsoft. It focuses on investing in early-stage AI-driven companies in various fields.
The Open AI Startup Fund has invested in at least 16 startups, including Descript, a collaborative editing platform, and Ghost Autonomy, a company that develops autonomous driving software. The fund aims to support innovative companies utilizing AI technology in industries like healthcare, law, and education. Cathaway’s previous experience as an investor with Haystack adds to his expertise in managing the fund effectively.