“OpenAI Startup Fund Reimagined: Sam Altman Relinquishes Command in Unconventional Corporate Venture Restructuring”
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.
