The fund, which invests in early-stage AI-driven companies, will now be managed by Ian Hathaway, who has been a partner at the fund since 2021. This restructuring aims to provide further clarity regarding the fund's management and operations.
The change in the governance structure of OpenAI's venture capital fund was made to provide further clarity regarding the fund's management and operations. According to reports, the initial general partner structure was intended as a temporary measure to quickly get things started.
Ian Hathaway, who has been a partner at the startup fund since its inception, has now taken control, ensuring a more traditional and transparent governance structure. This move also addresses concerns raised about the unique ownership structure of the fund under Altman.
The VC Fund is investing $175 million raised from OpenAI partners such as Microsoft, and notable to know that OpenAI itself is not an investor.
The OpenAI Startup Fund, which so far has has invested in Speak, Harvey, Descript, Mem and AI Assistant Milo, selects companies to invest in based on several criteria. The fund look for early-stage startups with big ideas about AI that can have a profound, positive impact on the world. The sectors of interest include healthcare, law, education, energy & infrastructure, the sciences, and more. The fund is particularly interested in AI tools that can empower people by helping them be more productive.
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