Billionaire tech mogul Elon Musk’s startup xAI mentioned it has raised $6 billion from traders in an more and more crowded synthetic intelligence market.
The newest funding, together with from well-known venture capitalists and a Saudi prince, takes the agency’s complete valuation to $24 billion, based mostly on a pre-infusion determine of $18 billion cited by Musk.
“xAI is pleased to announce… Our Series B funding round of $6 billion,” the corporate mentioned in a weblog publish on Sunday.
“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,” it added.
Musk teased on his social media platform X that there can be “more to announce in the coming weeks”.
The newest spherical of funding got here from Valor Fairness Companions, Andreessen Horowitz, Sequoia Capital and Prince Alwaleed Bin Talal, amongst others.
Musk launched the corporate in July final yr, shortly after he signed a letter calling for a pause in AI improvements.
He is likely one of the world’s few traders with deep sufficient pockets to compete within the AI sphere with the likes of OpenAI, Google and Meta.
Constructing an AI mannequin on the identical scale as these corporations comes at an unlimited value in computing energy, infrastructure and experience.
xAI mentioned Sunday its main focus was to develop “advanced AI systems that are truthful, competent, and maximally beneficial for all of humanity”.
It’s growing a chatbot named Grok, which may entry X, the previous Twitter, in actual time.
Musk earlier this month informed investors that he deliberate to construct a supercomputer dubbed “gigafactory of compute” to help the event of xAI.
The deliberate supercomputer can be “at least four times the size of the biggest GPU clusters that exist today,” equivalent to these utilized by Meta to coach its AI fashions, Musk was quoted as saying by an business information outlet.
© 2024 AFP
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Elon Musk’s xAI secures $6 billion in new funding (2024, May 27)
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