Business News Report
November 13, 2023

Angel Investor Michelle Fradin Joins OpenAI After Sequoia Capital’s FTX Investment Setback

Michelle Fradin Joins OpenAI After Sequoia Capital's FTX Investment Loss

Michelle Fradin, a former junior partner at Sequoia Capital who spearheaded the investment in FTX, announced her move to OpenAI, where she will lead data efforts.

The shift comes after her departure from Sequoia in July 2023, following the venture capital firm’s significant $214 million loss in its investment in FTX, which drew considerable criticism for its overly optimistic view of the company.

Expressing enthusiasm on Twitter, Fradin said she is eager to contribute to building advanced models at OpenAI, acknowledging the importance of the technology and the talent of her new team. Additionally, she plans to continue her support for entrepreneurs by investing as an angel investor, while appreciating her time and the lifelong friendships formed at Sequoia.

Sequoia Capital’s Recent Investments and Strategy

Meanwhile, Roelof Botha, managing partner at Sequoia Capital Ltd., has expressed high hopes for the future of X Corp., another social-media platform in which Sequoia invested $800 million last year.

However, in a recent statement at a JPMorgan Chase & Co. conference in London, Botha indicated that Sequoia Capital does not intend to become an active investor in companies developing foundational artificial intelligence technology.

Despite U.S. restrictions on China’s access to American technology, Chinese investors are still actively participating in the U.S.-led AI software arena.

Top Chinese venture capital firms, including Sequoia Capital China, Source Code Capital and ZhenFund, have been acquiring minority stakes in various AI startups across the U.S.

Fradin’s move to OpenAI marks a significant transition in her career, aligning with the broader trend of tech talents and investors gravitating towards AI and data-driven ventures. The shift underscores the increasing prominence of AI in the technology sector and the continuous evolution of investment strategies among leading venture capital firms.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

More articles
Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Hot Stories
Join Our Newsletter.
Latest News

Web3 Fundraising Report Q3 2023: A Overview of Evolving Trends and Strategies

In this report, we explore all the trends in the AI, crypto and web3 sectors and identify ...

Know More

Virtual Reality Superior Than Video Conferencing for Remote Work Collaboration: PWC Report

In today’s modern era of remote work, the traditional landscape of digital meetings and workshops is undergoing ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Chainlink (LINK) Announces Stacking Mechanism v0.2 Upgrade to Improve Network Functionality
Markets News Report
Chainlink (LINK) Announces Stacking Mechanism v0.2 Upgrade to Improve Network Functionality
November 30, 2023
Seraph Studio Launches ARPG Web3 Game ‘SERAPH: In The Darkness’ on Arbitrum One
Business News Report
Seraph Studio Launches ARPG Web3 Game ‘SERAPH: In The Darkness’ on Arbitrum One
November 30, 2023
NASA and IBM Partner to Develop Geospatial AI for Weather Prediction
News Report Technology
NASA and IBM Partner to Develop Geospatial AI for Weather Prediction
November 30, 2023
AntPool to Refund Record $3 Million Bitcoin Transaction Fee After User Error
News Report
AntPool to Refund Record $3 Million Bitcoin Transaction Fee After User Error
November 30, 2023
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.