Artificial intelligence firm xAI has secured a whopping $6 billion in a Series B funding round, as per a recent statement. The company, founded by Elon Musk, revealed that its pre-money valuation stood at $18 billion, but with this latest funding round, it has now soared to $24 billion. This is a remarkable achievement considering that the company only launched about 11 months ago in July 2023.
The funding round saw participation from several notable investors, including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal, and Kingdom Holding.
xAI intends to utilize the funds to kickstart its initial product launches, enhance its infrastructure, and expedite research and development efforts for future technologies. Musk hinted at more announcements to come in the following weeks on social media.
The company is focused on developing advanced AI systems that are truthful, competent, and beneficial for all of humanity, with a mission to fully comprehend the universe. This funding is expected to position xAI as a strong competitor against industry giants like OpenAI, Google, and Anthropic in the quest for generative AI supremacy, as these companies continue to drive significant investments and innovation in the ever-evolving AI landscape.
In a recent development, xAI launched an AI-powered chatbot called “Grok” for select paying users of X, the social media platform formerly known as Twitter. The company has since unveiled Grok 1.5 with improved long context and image capabilities, and is actively seeking engineers and researchers.
If you believe in xAI’s mission of seeking the truth and understanding the universe without bias, Musk has encouraged individuals to join the company.
