Elon Musk’s artificial intelligence company xAI only Raised $6 billion from heavyweight investors Like Andreessen Horowitz, Sequoia Capital, and even a Saudi prince.
OpenAI competitor, which Developed its own chatbot, Guruk.announced its Series B funding round on Sunday, giving the company a Valued at $24 billion. It was expected to reach one earlier. Valued at $18 billion After closing the current period.
XAI, which was announced last July, joins other AI companies that have raised millions and are looking at them. Prices run into billions. Amid the boom in the industry. Its staff includes AI talent from DeepMind, OpenAI, Google Research, Microsoft Research, as well as other major Language Model (LLM) and Machine Learning researchers.
Company registered Investors from Saudi Arabia Prince Alwaleed bin Talal as one of its Series B backers, as Saudi Arabia is reportedly working with US financiers including Andreessen Horowitz. Invest $40 billion in AI technology..
Other key investors in the multibillion-dollar round include Valor Equity Partners, Vy Capital, Fidelity Management & Research Company, and Kingdom Holding, according to xAI. According to Crunchbase, Manhattan Venture Partners is also an investor.
In March, Musk said xAI would. Open source its ChatGPT competitor, Grokafter the Sued his former company OpenAI month ago. Musk co-founded OpenAI with chief executive Sam Altman, whom he is also suing, in 2015, before leaving in 2018 over leadership disagreements. In his lawsuit, Musk alleges that OpenAI’s multi-year, multi-billion dollar partnership with Microsoft Betrays its founding pledge to put the benefit of humanity over profit..
The lawsuit alleges breach of contract, breach of fiduciary duty, and unfair business practices. Musk called for the company to be ordered to open up its research and technology to the public, and urged Altman to disavow money from alleged illegal practices.
Credit : qz.com
