Six billion dollars will be contributed by a group of investors to Elon Musk’s xAI to further artificial intelligence development.
Six billion dollars will be contributed by investors to support Elon Musk’s xAI initiative for artificial intelligence research. The business announced on its website on Sunday that the Series B fundraising round will be utilized to expedite research and bring xAI’s initial products to market. According to xAI, the technology has advanced “significantly” during the last year and will do so again in the months to come.
Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research, Valor Equity Partners, Vy Capital, Kingdom Holding, and Saudi Prince Alwaleed Bin Talal are among the investors in the most recent round.
Prior to the investment, Musk stated on the social media platform X that xAI was valued at $18 billion.
The money should enable Musk’s business to contend with Microsoft and Open AI, the companies that developed Chat GPT, in the race to develop artificial intelligence.
In July of last year, Musk declared the company’s foundation, and in November, he unveiled Grok, an AI chatbot.
Also read: Unveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity
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