Elon Musk’s xAI has secured $6 billion in a Series B funding round to advance its artificial intelligence development, Associated Press reports.
xAI received funding from prominent investors includind Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research, Valor Equity Partners, Vy Capital, Saudi Prince Alwaleed Bin Talal, and Kingdom Holding. Before this investment, xAI was valued at $18 billion.
The funds will support bringing xAI’s first products to market and accelerating research. The company aims to compete with major players like Microsoft and OpenAI in the AI development race. xAI, founded in July last year, launched its AI chatbot, Grok, in November.
