18.4 C
London
Friday, June 14, 2024

Elon Musk’s xAI raises $6 billion to develop artificial intelligence

Must read

A group of investors will put up $6 billion (€5.5 billion) to fund development of artificial intelligence by Elon Musk’s xAI.

The company said on its website that the Series B funding round will be used to take xAI’s first products to market and speed up research.

XAI said it has made “significant strides” during the past year in developing the technology, which will continue in the coming months.

Investors in the latest round include Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research, Valor Equity Partners, Vy Capital, Saudi Prince Alwaleed Bin Talal and Kingdom Holding.

Mr Musk wrote on the social media site X that before the investment, xAI had a valuation of 18 billion dollars.

The funding should help Mr Musk’s company compete in a race to develop artificial intelligence against Microsoft and Open AI, which created Chat GPT.

Mr Musk announced the formation of the company in July of last year and released its artificial intelligence chatbot called Grok in November.


Discover more from London Glossy Post

Subscribe to get the latest posts to your email.

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article