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Tech May 30, 2024

Musk raises $6 billion in latest round of funding for xAI

Elon Musk’s AI startup, xAI, raised $6 billion in Series-B funding, reaching a valuation of $24 billion. The funding will support the launch of the startup’s first products, build infrastructure, and advance R&D. Investors include Andreessen Horowitz, Sequoia Capital, and Saudi Prince Al Waleed bin Talal. Musk hinted at more announcements to come.

xAI has introduced Grok, an “edgier” chatbot similar to OpenAI’s ChatGPT, available to premium subscribers of X (formerly Twitter). Grok aims to provide humorous and witty answers.

The AI industry sees heavy investment from major tech companies like Google, Apple, Amazon, Microsoft, and Meta. Microsoft has strengthened its AI position through a multi-billion-dollar partnership with OpenAI. Meanwhile, OpenAI CEO Sam Altman seeks further funding to revolutionize the chip industry. Musk, a co-founder of OpenAI, has sued the company, claiming it deviated from its mission to serve humanity.

Source – CGTN


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