Sam Altman, a prominent figure in the tech world, has made significant investments across various industries. As the former president of Y Combinator and current CEO of OpenAI, Altman has leveraged his keen eye for innovation to back groundbreaking startups.
Altman's investment portfolio since 2019, highlighting his strategic overlaps with OpenAI and his major bets on energy and longevity.
Sam Altman's Investment Strategy
Sam Altman's investment approach is diverse, targeting companies at different stages and across various industries. His investments are categorized by industry, stage, and investment entity, showcasing a broad yet strategic portfolio. Notably, Altman's early-stage investments (seed/Series A) represent more than two-thirds of his deal activity since 2010, indicating a strong focus on nurturing nascent innovations.
Overlap with OpenAI's Strategy
Several companies in Sam Altman's investment portfolio align closely with OpenAI's strategic initiatives. For instance, Humane, which Altman has supported through multiple funding rounds, developed the "Ai Pin," a wearable device featuring a personal assistant powered by ChatGPT. This illustrates the synergy between Altman's investments and OpenAI's advancements in artificial intelligence.
Other notable examples include Slope and Warp, both leveraging OpenAI's models to enhance their products. Slope, a B2B payments automation platform, and Warp, a coding assistant, highlight how Altman's investments often integrate OpenAI's technology to drive innovation.
In 2019, OpenAI signed a $51M letter of intent to purchase AI chips from Rain, a company Altman had invested in during its seed round. Similarly, Speak, an AI-powered language learning app that Altman backed in 2022, has raised successive rounds from OpenAI’s Startup Fund. This deeper relationship allows Speak to utilize OpenAI's systems extensively, enhancing the app's user experience and gaining advanced access to new AI developments.
Focus on Energy and Longevity
Sam Altman has placed substantial bets on transformative industries such as energy and longevity. His largest personal investment to date is in Helion, a nuclear fusion startup, where he contributed $375M to its $500M Series E raise in November 2021. Altman believes Helion represents the most promising approach to fusion, a sentiment echoed by OpenAI-backer Microsoft, which agreed to buy electricity from Helion later in the decade.
Another significant investment is in Retro Biosciences, an anti-aging startup aiming to extend human life spans through cellular reprogramming. Altman has invested a total of $180M in Retro Biosciences, reflecting his interest in pioneering technologies that promise to revolutionize health and longevity.
Investment Trends and Dealmaking
Despite a slowdown in 2023, Sam Altman's dealmaking remains robust compared to previous years. In 2023, Altman and related entities have participated in 15 deals, down from 21 in 2021, but still indicative of a high level of investment activity. His focus continues to be on early-stage investments, particularly in seed and Series A rounds, underscoring his commitment to nurturing emerging technologies.
Altman has also demonstrated support for startups as they scale, backing multiple funding rounds for select companies. Humane, lab-grown meat company Uncommon (via Apollo Projects), and computing startup Rescale are notable examples where Altman has invested in multiple rounds, showing his confidence in their growth potential.
Notable Exits and Achievements
Altman's investment portfolio includes several successful exits, particularly in the edtech sector. Codecademy, an online coding education platform he backed in 2011, was acquired by SkillSoft for $525M in December 2021. Other significant exits include Instacart, which went public in September 2023, and Cruise, acquired by General Motors in 2016.
Altman is also involved in three Special Purpose Acquisition Companies (SPACs). AltC Acquisition Corp., where he serves as executive officer, is planning a merger with nuclear fission startup Oklo, where Altman is chairman of the board. Additionally, Bridgetown Holdings and Bridgetown 2 Holdings, where Altman is on the board of directors, have merged with fintech MoneyHero and proptech company PropertyGuru, respectively.
What we think
Sam Altman's investment strategy reflects his vision for the future of technology, focusing on groundbreaking innovations in AI, energy, longevity, and more.
His investments, often aligned with OpenAI's strategic initiatives, highlight his commitment to advancing technology that can have a profound impact on various industries.
As Altman continues to back transformative startups, his influence on the tech landscape remains significant, promising exciting developments in the years to come.
