Elon Musk's xAI raises $6 billion in funding to compete in AI industry

From The Hill.: 2024-05-27 15:49:00

Elon Musk’s artificial intelligence company xAI secured $6 billion in funding from investors for technology expansion and product development. Musk emphasized the company’s mission of understanding the universe through rigorous pursuit of truth. The funding will help xAI compete with industry leaders like Microsoft and OpenAI in the AI race.

Investors in xAI’s Series B funding include Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, and more. Musk announced xAI’s creation in July with a focus on unlocking the true nature of the universe. xAI’s chatbot “Grok” is now available to all premium subscribers on Musk’s social media platform X.

Despite advancing AI technology, Musk remains cautious and is considered a leading voice among “AI pausers” concerned about humanity’s risks. xAI highlighted rapid model improvements and advancements with new versions of the chatbot Grok. The company plans to make exciting technology updates and product announcements in the future.



Read more at The Hill.: Musk raises $6 billion for xAI to challenge OpenAI