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		</div><p>A group of investors will put up $6 billion (€5.5 billion) to fund development of artificial intelligence by Elon Musk’s xAI.</p>
<p>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.</p>
<p>XAI said it has made “significant strides” during the past year in developing the technology, which will continue in the coming months.</p>
<p>Investors in the latest round include Andreessen Horowitz, Sequoia Capital, Fidelity Management &#038; Research, Valor Equity Partners, Vy Capital, Saudi Prince Alwaleed Bin Talal and Kingdom Holding.</p>
<p>Mr Musk wrote on the social media site X that before the investment, xAI had a valuation of 18 billion dollars.</p>
<p>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.</p>
<p>Mr Musk announced the formation of the company in July of last year and released its artificial intelligence chatbot called Grok in November.</p>
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