November 07, 2024 12:16 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
PM Modi calls Donald Trump to congratulate on his 'spectacular victory' | Meet Usha Vance, the first Indian-origin second lady of America | 'Unprecedented and powerful mandate': Donald Trump storms back to White House winning dramatic US Prez polls | Donald Trump set for a comeback as US President, wins key swing states | S Jaishankar meets Australian PM Anthony Albanese, discusses ways to deepen bilateral comprehensive strategic partnership
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.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.