OpenAI CEO Sam Altman has transferred formal control of the eponymously firm’s named corporate venture fund to Ian Cathaway, OpenAI confirmed to TechCrunch.
The Open AI Startup Fund, launched in 2021, was initially set up with Altman as its named controller.
Cathaway joined OpenAI in 2021 and played a key role managing the Startup Fund, leading investments in Ambience Healthcare, Cursor, Harvey, and Speak.
Last year, the fund had $175 million in commitments, and now holds $325 million in gross net asset value, according to an SEC filing.
The Startup Fund has backed at least 16 other startups, according to PitchBook data.
Watch: Elon Musk, Sam Altman and the rest of the billionaires are fighting over the future of AIThe scrap over who should run OpenAI, and how it should be managed is still the hottest topic in tech.
Most recently, former co-founder and backer Elon Musk sued the AI company best known for ChatGPT and its work with Microsoft for what he considers to be an abandonment of its founding principals.
That suit kicked off a storm of discussion amongst tech investors, some of whom have a stake in OpenAI.
Is his view hurting work on open-source AI?
Buckle up, everyone, it’s going to be one hell of a year for tech drama.
Sam Altman, the CEO of OpenAI, has a seat at the table — or board, rather — once again.
OpenAI today announced that Altman will be rejoining the company’s board of directors several months after losing his seat and being forced out as OpenAI’s CEO.
Joining alongside him are three members, former CEO of the Bill and Melinda Gates Foundation Sue Desmond-Hellmann, former Sony Entertainment president Nicole Seligman and Instacard CEO Fidji Simo — bringing OpenAI’s board to seven people.
Seligman was Sony’s VC and general counsel before rising through the ranks to CEO of Sony Corporation and president of Sony Corporation of America.
Both OpenAI CTO Mira Murati and Ilya Sutskever, a former OpenAI board member and the startup’s chief scientist, approached members of OpenAI’s previous board to express concerns about Altman’s behavior prior to his ouster last year, according to The Times.
The lawsuit says that OpenAI has shifted to a for-profit model focused on commercializing its AGI research with Microsoft, the world’s most valuable company.
“This was a stark betrayal of the Founding Agreement.”The lawsuit follows Musk voicing displeasure with OpenAI’s shift in priorities in the past year.
For the first several years, Musk was the largest contributor to OpenAI, the lawsuit adds.
He alleges OpenAI and Microsoft have improperly licensed GPT-4 despite agreeing OpenAI’s AGI capabilities would remain non-profit and dedicated to humanity.
Musk is seeking to compel OpenAI to adhere to its original mission and bar from monetizing technologies developed under its non-profit for the benefit of OpenAI executives or partners like Microsoft.
In his latest venture, Altman has created an interface which is able to allow for human-computer interaction in a way that is more sophisticated than any other installed currently. The…
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