Artificial intelligence company xAI has secured $6 billion in a Series B funding round, according to an announcement on May 27. statement.
The company’s founder, Elon Musk, Revealed The company was valued at $18 billion before the funding, but this latest round of funding raises its valuation to $24 billion, a significant milestone considering the company was founded in July 2023, just 11 months ago.
The funding round included participation from prominent investors such as Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holding.
How does xAI plan to use the funding?
xAI plans to use the funding to launch its initial product, develop advanced infrastructure, and accelerate research and development of its future technologies. “We’ll have more to announce in the coming weeks,” Musk said. share In X’s social media posts.
The company further emphasized its mission.
“xAI is focused on developing advanced AI systems that are honest, capable, and of the greatest benefit to all humanity. The company’s mission is to understand the true nature of the universe.”
Experts believe the funding will enable xAI to compete for dominance in generative AI with industry leaders such as OpenAI, Google and Anthropic, which are driving significant investment and innovation in the rapidly evolving field of AI.
In November, xAI introduced an AI-powered chatbot called “Grok” for certain paid users of social media platform X, formerly known as Twitter. Since then, xAI has launched Grok 1.5 with enhanced long context and image capabilities, and is currently recruiting engineers and researchers.
mask stated:
“If you believe in our mission to understand the universe, which requires the most rigorous pursuit of truth, regardless of popularity or political correctness, join xAI.”
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