Yes and no? As I understand it, they weren't supposed to be involved in the day to day operation of the network in general,
but back in 2016 Private Internet Access' logo (then Andrew Lee's current company) was added to the corner of the main Freenode website and as I recall it was widely discussed at the time that this was part of the deal which funded Freenode Live. Most people didn't care and it remained there until 2021. The Shells logo which was supposedly such an outrageous, unprecedented corporate intrusion into areas of the site sponsors never were never allowed before that everyone needed to jump ship was a direct replacement of that PIA logo. Same location, same overall prominence.
While the details are still a bit fuzzy, a far as I can tell from the outside someone on the Freenode staff seems to have used that logo switch as a pretext to try and upset the status quo and seize more power through a bogus narrative about unprecedented corporate intrusion and a logo suddenly appearing in 2021 where one would never be allowed before, likely including kicking out the then head of staff of the actual IRC network, whilst insisting that it was the other side that was trying to seize more control by obstructing them.