Elon Musk's AI company xAI gets fresh funding: Here’s how much it is valued
- by Indiatimes
- May 27, 2024
- 0 Comments
- 0 Likes Flag 0 Of 5
May 27, 2024, 15:51 IST
Share Follow us
Elon Musk's AI company xAI raised $6 billion in a funding round, increasing its valuation to $24 billion.
Elon Musk’s AI company – xAI – has raised $6 billion in the latest funding round, boosting the company’s post-money valuation to $24 billion. The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital, the company said.
The company's pre-money valuation was $18 billion, Musk said in a post on X. He added the “there will be more to announce in the coming weeks.”
The money will be used to take xAI's first products to market, build advanced infrastructure and accelerate research and development of future technologies, xAI said.
“xAI will continue on this steep trajectory of progress over the coming months, with multiple exciting technology updates and products soon to be announced. 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,” the company said.
Companies like Google and Microsoft-backed OpenAI are among the leading tech companies working to achieve dominance in generative AI space. Musk was previously associated with OpenAI but left the company.
“xAI is primarily focused on the development of advanced AI systems that are truthful, competent, and maximally beneficial for all of humanity. The company’s mission is to understand the true nature of the universe,” the company added.
xAI is hiring
Along with the funding announcement, the company also said that it is hiring for various roles.
“xAI is hiring for numerous roles and seeks talented individuals ready to join a small team focused on making a meaningful impact on the future of humanity. Those interested can apply today at x.ai/careers,” the post said.
xAI has developed Grok AI chatbot and recently updated it with more powerful LLM to launch the improved Grok-1.5 model with long context capability.
About the Author
Please first to comment
Related Post
Stay Connected
Tweets by elonmuskTo get the latest tweets please make sure you are logged in on X on this browser.
Sponsored
Popular Post
Tesla: Buy This Dip, Energy Growth And Margin Recovery Are Vastly Underappreciated
28 ViewsJul 29 ,2024