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OpenAI Removes Sam Altman as CEO of Corporate Venture Fund
OpenAI, the organization responsible for the generative AI chatbot ChatGPT, has made a significant change in its corporate venture fund management. According to a filing with the U.S. Securities and Exchange Commission, the company has removed Sam Altman as the owner and manager of the fund.
Management Shift
Previously led by Sam Altman, the fund will now be overseen by Ian Hathaway. An article by Axios reported on Monday that Hathaway, a partner in the fund since its inception in 2021, will take on the role of fund manager. Noteworthy investments by Hathaway include startups like Harvey, which develops AI tools for attorneys, and the language learning app Speak.
Following the transition, Sam Altman is no longer listed as a general partner in the fund. OpenAI clarified that this change was part of a planned shift and that Altman’s involvement was always intended as a temporary arrangement without personal investment or financial interest in the fund.
Unique Governance Structure
The OpenAI corporate venture fund distinguishes itself with a unique governing structure in the realm of venture capital. While traditional corporate venture funds typically entrust third-party managers with investing company funds in startups, the OpenAI fund was originally raised by Altman through partnerships with entities like Microsoft and managed directly by Altman himself.
Contrary to common practice, OpenAI is not an investor in the fund, as disclosed on the fund’s website. With a focus on early-stage startups in sectors such as healthcare, law, education, and energy & infrastructure, the fund aims to invest $175 million in various fields. Currently, the fund boasts a total asset value of $325 million, as reported by Axios.
Altman’s Diverse Investments
Beyond his involvement with OpenAI, Sam Altman is recognized for a wide range of investments in innovative ventures. His portfolio includes stakes in companies like the fusion power firm Helion Energy and the controversial cryptocurrency project Worldcoin. Most recently, Altman profited from Reddit’s IPO, earning $30 million from the public offering in March.
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