The Startup Fund, which had $175 million in commitments last year, invests in early-stage AI-driven companies in various sectors, including healthcare, law, and education. It has backed at least 16 startups, such as Descript, a collaborative editing platform valued at $553 million last year, and Ghost Autonomy, a software developer for autonomous driving. Investors in the fund include Microsoft and other external backers.
Key takeaways:
- OpenAI CEO Sam Altman has transferred control of the company's corporate venture fund, the Open AI Startup Fund, to Ian Cathaway.
- The fund, launched in 2021, was initially set up with Altman as its named controller, but this was intended as a temporary arrangement.
- Ian Cathaway, who joined OpenAI in 2021, has played a key role in managing the Startup Fund and has led investments in several companies.
- The Startup Fund, which had $175 million in commitments last year, invests in early-stage AI-driven companies in fields like healthcare, law, and education.