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OpenAI CEO Sam Altman has transferred formal management of the eponymously agency’s named company enterprise fund to Ian Cathaway, OpenAI confirmed to TechCrunch.
The Open AI Startup Fund, launched in 2021, was initially arrange with Altman as its named controller. The association may have introduced a significant concern to the corporate if he had not been reinstated as Open AI’s CEO following his transient ouster in November. The fund’s preliminary GP construction 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 Atmosphere Healthcare, Cursor, Harvey, and Converse. He was beforehand an investor with Haystack, in keeping with his LinkedIn profile.
Final yr, the fund had $175 million in commitments, and now holds $325 million in gross web asset worth, in keeping with an SEC submitting. Traders 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 not less than 16 different startups, in keeping with PitchBook information. They embrace Descript, a collaborative enhancing platform valued at $553 million final yr, and Ghost Autonomy, which develops software program for autonomous driving.
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