A gaggle of investors will provide $6 billion to finance the event of artificial intelligence by Elon Musk’s xAI.
The company said on its website on Sunday that the Series B funding round might be used to bring xAI’s first products to market and speed up research. xAI said it has made “significant progress” in developing the technology over the past yr, which it plans to proceed in the approaching months.
Investors in the most recent round include Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research, Valor Equity Partners, Vy Capital, Saudi Prince Alwaleed Bin Talal and Kingdom Holding.
Musk wrote on the social media site X that xAI was valued at $18 billion before the investment.
The funding is meant to assist Musk’s company compete within the race to develop artificial intelligence against Microsoft and Open AI, which developed Chat GPT.
Musk announced the corporate’s founding in July last yr and released his artificial intelligence chatbot called Grok in November.
