OpenAI Startup Fund is investing $175 million raised from OpenAI partners (representative)
OpenAI has changed the governance structure of its venture capital fund that backs artificial intelligence startups so that its high-profile CEO Sam Altman no longer owns or controls the fund, according to documents filed with the U.S. Securities and Exchange Commission (SEC).
The change, documented in a March 29 filing, comes after Altman’s ownership of the OpenAI startup fund raised eyebrows due to its unusual structure — although Altman is marketed like a corporate venture capital arm, Altman has moved from Outside limited partners raised the fund and made investment decisions. OpenAI said that although Altman has ownership rights in the fund, he does not have a financial interest in the fund.
Axios first reported the ownership change on Monday. An OpenAI spokesperson said in a statement that the fund’s initial general partner (GP) structure was an interim arrangement and “this change provides further clarity.”
The OpenAI Startup Fund is investing $175 million raised from OpenAI partners such as Microsoft, although OpenAI itself is not an investor.
Control of the fund has been handed over to Ian Hathaway, who has been a partner at the fund since 2021, documents show. Altman will no longer serve as general partner of the fund.
OpenAI said Hathaway oversees the fund’s accelerator program and has led investments in companies including Harvey, Cursor and Ambience Healthcare.
Altman, the former president of startup accelerator Y Combinator, has previously come under scrutiny for his vast investment interests outside of OpenAI, from crypto startup Worldcoin to fusion company Helion Energy, as well as fundraising efforts in the Middle East.
OpenAI said an independent investigation after Altman’s dramatic ouster from the company last November concluded he did not engage in any wrongdoing regarding product safety or OpenAI’s finances.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
