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\n\t\t<\/div>\n<\/p><\/div>\nOpenAI CEO Sam Altman has transferred formal control of the eponymously firm\u2019s named corporate venture fund to Ian Cathaway, OpenAI confirmed to TechCrunch.\u00a0<\/span><\/p>\n The Open AI Startup Fund, launched in 2021, was initially set up with Altman as its named controller. The arrangement could have presented a major issue to the company if he had not been reinstated as Open AI\u2019s CEO following his brief ouster in November. The fund\u2019s initial GP structure was intended as a temporary arrangement, and Altman made no personal investment, nor did he have any financial interest, a spokesperson explained.\u00a0<\/span><\/p>\n The news was earlier reported by Axios<\/a>.<\/span><\/p>\n Cathaway joined OpenAI in 2021 and played a key role managing the Startup Fund, leading investments in Ambience Healthcare, Cursor, Harvey, and Speak.<\/span>\u00a0<\/span><\/i>He was previously an investor with Haystack, according to his LinkedIn profile.<\/span><\/p>\n \u00a0<\/span><\/i>Last year, the fund had $175 million in commitments. Investors included Microsoft<\/a> and other external backers. The unit invests in early-stage AI-driven companies in fields like healthcare, law and education.<\/span><\/p>\n The Startup Fund has backed at least 16 other startups, according to PitchBook data. They include Descript, a collaborative editing platform valued at $553 million last year, and Ghost Autonomy, which develops software for autonomous driving.<\/span><\/p>\n<\/p><\/div>\n