Sam Altman has handed over control of OpenAI startup fund

OpenAI CEO Sam Altman is no longer the owner of the company’s affiliated venture capital fund. Altman’s temporary legal control of the seed fund was for the sole purpose of getting the fund up and running as quickly as possible, OpenAI told Axios. Management has been transferred to Ian Hathaway, who has been co-managing the fund since 2021, according to new filings with the US Securities and Exchange Commission (SEC). The fund was launched at the end of 2021 with $175 million, with OpenAI partner Microsoft among the investors. It now has more than $325 million in gross assets, according to SEC filings. Hathaway led the fund’s accelerator program and invested in companies including Harvey, Cursor, Speak and Ambience Healthcare, according to OpenAI.

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