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Tech entrepreneur Elon Musk's xAI raises USD 6 billion to develop artificial intelligence
Elon Musk
Photo Courtesy: PIB

Tech entrepreneur Elon Musk's xAI raises USD 6 billion to develop artificial intelligence

| @indiablooms | 29 May 2024, 09:34 am

Entrepreneur Elon Musk's AI startup xAI has raised USD 6 billion in series B funding, a development that might pose a possible challenge to Sam Altman's Open AI.

In a blogpost, the AI firm said: " Our Series B funding round of $6 billion with participation from key investors including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holding, amongst others."

" xAI has made significant strides over the past year. From the announcement of the company in July 2023, to the release of Grok-1 on X in November, to the recent announcements of the improved Grok-1.5 model with long context capability, to Grok-1.5V with image understanding, xAI’s model capabilities have improved rapidly. With the open-source release of Grok-1, xAI has opened doors for advancements in various applications, optimizations, and extensions of the model," the blog post said.

The company said  xAI will continue  its steep trajectory of progress over the coming months.

The tech major said multiple 'exciting technology updates' and products will be soon announced.

How will the fund be used?

The company said the funds from the round will be used to take xAI’s first products to market, build advanced infrastructure, and accelerate the research and development of future technologies.

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