Elon Musk’s (TSLA) backed artificial intelligence company, xAI, has received additional funding of $6 billion from Silicon Valley venture capitalists and a Saudi Arabian prince. Within a year of its existence, xAI is now valued at $24 billion, up from Musk’s startup’s earlier valuation of $18 billion.
On May 26, 2024, Elon Musk founded xAI and said it was pleased to announce a series B funding round in its blog. It noted that the startup had raised $6 billion. The blog post listed the following investors.
Valor Equity Partners
Vy Capital
Andreessen Horowitz
Sequoia Capital
Fidelity Management & Research Company
Prince Alwaleed Bin Talal and Kingdom Holding and others.
Elon Musk founded xAI in July 2023. In November 2023, the startup released its first AI model, Grok-1, on X. The company recently announced that it has improved its AI model. The Grok-1.5 model has extended context capability, while Grok-1.5V has image understanding.
According to the blog post, the Series B funds “will bring xAI’s first products to market, build advanced infrastructure, and accelerate the research and development of future technologies.”
Sam Altman-led OpenAI remains the leader in artificial intelligence models with ChatGPT. It has reportedly received $13 billion in funding from Microsoft. Google is also investing more in its AI model called Gemini, while Meta is also developing models such as Meta AI.
Elon Musk was one of the founders of OpenAI, the artificial intelligence company that can be considered the pioneer in its field. He left due to differences with the company and has often spoken about the harm that AI can cause. However, he has now founded his own AI startup and is expanding it. xAI is also expected to look at paying models, like its competitors.
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