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<\/div>\nThe OpenAI Startup Fund is investing $175 million raised from OpenAI partners (Representational)<\/p>\n<\/div>\n
OpenAI has changed the governance structure of its venture capital fund that backs AI startups, so its high-profile chief executive Sam Altman no longer owns or controls the fund, according to a filing with the US Securities and Exchange Commission (SEC).<\/p>\n
The change, documented in the March 29 filing, came after Altman’s ownership of the OpenAI Startup Fund raised eyebrows for its unusual structure – while being marketed as similar to a corporate venture arm, Altman raised the fund from outside limited partners and he made investment decisions. OpenAI has said Altman does not have a financial interest in the fund despite the ownership.<\/p>\n
Axios first reported on the ownership change on Monday. In a statement, a spokesperson for OpenAI said the fund’s initial general partner (GP) structure was a temporary arrangement, and “this change provides further clarity.”<\/p>\n
The OpenAI Startup Fund is investing $175 million raised from OpenAI partners such as Microsoft, although OpenAI itself is not an investor.<\/p>\n
Control of the fund has been moved over to Ian Hathaway, a partner at the fund since 2021, according to the filing. Altman will no longer be a general partner at the fund.<\/p>\n
OpenAI said Hathaway has overseen the fund’s accelerator program and led investments in such companies as Harvey, Cursor and Ambience Healthcare.<\/p>\n
Altman, a former president at startup accelerator Y Combinator, has previously drawn scrutiny on his sprawling investment interest outside OpenAI, from crypto startup Worldcoin to fusion company Helion Energy, as well as fundraising activities in the Middle East.<\/p>\n
OpenAI said an independent investigation following Altman’s dramatic ouster of the company last November concluded he did no wrongdoing in terms of product safety or OpenAI’s finances.<\/p>\n
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)<\/i><\/p>\n<\/div>\n