OpenAI CEO Sam Altman has officially handed over control of the company’s corporate venture fund to Ian Cathaway, as confirmed by OpenAI to TechCrunch.
The Open AI Startup Fund, established in 2021, originally had Altman as its designated controller. This arrangement could have posed a significant issue for the company had Altman not been reinstated as the CEO of Open AI after a brief removal in November. The initial GP structure of the fund was temporary, with Altman not making any personal investments or having any financial interests, according to a spokesperson.
The news was first reported by Axios.
Cathaway joined OpenAI in 2021 and played a crucial role in managing the Startup Fund, leading investments in Ambience Healthcare, Cursor, Harvey, and Speak. He previously worked as an investor at Haystack, as stated on his LinkedIn profile.
Last year, the fund received $175 million in commitments, with investors including Microsoft and other external supporters. The fund focuses on early-stage AI-driven companies in industries like healthcare, law, and education.
The Startup Fund has invested in at least 16 other startups, according to PitchBook data. These include Descript, an editing platform valued at $553 million last year, and Ghost Autonomy, a developer of software for autonomous driving.
