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鈥檚 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.

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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.

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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.

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