OpenAI, the company behind the generative AI chatbot ChatGPT, has removed CEO Sam Altman as owner and manager of its corporate venture fund, according to a filing with the U.S. Securities and Exchange Commission.
The fund used to invest in startups will now be managed by Ian Hathaway. Axios reported on Monday. Hathaway has been a partner at the fund since it was founded in 2021 and has led investments in startups such as Harvey, a maker of AI tools for lawyers, and language learning app Speak.
Mr. Altman is not listed as a general partner of the fund.
“As we have previously communicated, the fund’s initial GP structure was a temporary arrangement and did not involve any personal investment or financial interest from Sam. This change provides further clarity. ” OpenAI told Axios.
The company did not respond to a request for comment from Quartz.
Although this fund is marketed as a corporate venture fund, its management structure is unique. Traditionally, this type of fund invests a company’s money in a startup and is managed by a third party.
In the case of the OpenAI Fund, capital was raised by and managed by Altman through OpenAI partners such as Microsoft. According to the fund’s website, OpenAI is not an investor.
The fund aims to Invest $175 million in early-stage startups In the fields of “medicine, law, education, energy and infrastructure, science, etc.” The fund currently manages a total of $325 million in asset value, according to Axios.
Altman is known for making large investments outside of OpenAI, including in fusion power company Helion Energy and the controversial cryptocurrency WorldCoin, which he has recently invested heavily in. $30 million in Reddit’s initial public offering March.
