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  • Voltaire Staff

Sam Altman removed from OpenAI start-up fund



OpenAI has revamped the governance of its venture capital fund supporting AI startups, a move detailed in a filing submitted to the US Securities and Exchange Commission (SEC) on March 29.


According to the restructuring, CEO Sam Altman no longer maintains ownership or control over the fund, reported Reuters.


The alteration follows scrutiny over the unconventional structure of the OpenAI Startup Fund, where Altman, despite external limited partners contributing to the fund, had been solely responsible for investment decisions.


Although marketed akin to a corporate venture arm, Altman's prominent role in both ownership and control had raised questions.


A spokesperson for OpenAI said that the fund's original general partner setup was temporary. "This change offers more clarity."


The OpenAI Startup Fund is currently deploying $175 million sourced from partners like Microsoft, even though AI the firm itself is not directly investing in the fund.


According to the filing, control of the fund has now been shifted to Ian Hathaway, who has been a partner at the fund since 2021.


OpenAI said that Hathaway has been responsible for managing the fund's accelerator programme and has led investments in companies like Harvey, Cursor, and Ambience Healthcare.


The company said that an independent investigation, conducted after Altman's sudden departure from the company last November, found no evidence of wrongdoing regarding product safety or OpenAI's finances.

 

 

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