At the close of 2021, OpenAI established its venture fund, the OpenAI Startup Fund, aimed at bolstering promising projects in artificial intelligence. Initially led by OpenAI CEO Sam Altman, recent developments have altered the fund’s ownership structure.
Ownership Transition and Fund Growth
Previously, Axios noted that the venture fund was formally owned by Sam Altman himself, rather than by OpenAI or its affiliated nonprofit. By May of the preceding year, the fund amassed $175 million in managed funds, a figure that has since surged to $325 million. Recent reports indicate a transfer of control to Ian Hathaway, who previously oversaw investment activities within the fund’s management hierarchy.
Investment Portfolio and Strategic Shifts
The fund has already backed burgeoning companies such as Harvey, Cursor, Speak, and Ambience Healthcare. OpenAI representatives affirm that the initial ownership arrangement, involving personal ownership by Sam Altman, was temporary and has now undergone planned revisions. Altman neither injected personal capital into the fund nor derived any income from its operations, notes NIXSolutions.
In summary, the OpenAI Startup Fund’s evolution underscores its commitment to fostering innovation in AI. With recent changes in ownership and a burgeoning investment portfolio, the fund remains poised to support the next wave of transformative AI projects. We’ll keep you updated on further developments.