Elon Musk’s xAI, a rapidly growing artificial intelligence company has announced the successful completion of its Series B funding round, raising a significant $6 billion.
In a blog post by xAI, it disclosed that the round saw participation from top investors, including Valor Equity Partners among others.
“xAI is pleased to announce our series B funding round of $6 billion with participation from key investors including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holding, amongst others,” the statement read.
According to the company, the fresh capital will be used to accelerate the development of xAI’s advanced AI systems, which are designed to be truthful, competent, and maximally beneficial to humanity.
The company’s mission is to better understand the universe through cutting-edge AI technologies.
Expansion of AI products and infrastructure
The company plans to use the Series B funding to build its infrastructure and push forward with the market release of its products. These include the ongoing development of its Grok models, which will see further enhancements in the coming months.
- This development is in line with xAI’s aim to create AI systems that are not only advanced but also aligned with ethical principles and societal benefits.
“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 statement read.
- In addition, the company revealed that it is actively hiring for numerous roles and is looking for talented individuals to join their team.
Interested candidates can apply through xAI’s careers page
What you should know
OpenAI, a key player in AI development and the creator of ChatGPT like xAI has been making waves in the AI sector, with its funding rounds attracting substantial investments.
- In October 2023, OpenAI raised $6.6 billion, which valued the company at $157 billion, securing its position as one of the world’s most valuable private companies.
- Investors like Microsoft and Nvidia have supported OpenAI, as it continues to innovate with products like ChatGPT and expand its efforts toward developing artificial general intelligence (AGI).
- xAI has made significant progress since its launch in July 2023. The company released its first AI model, Grok-1, on the X platform in November 2023.
- Shortly after, it introduced Grok-1.5, which improved upon its predecessor by adding long context capabilities, allowing it to better handle extended conversations and tasks requiring more in-depth understanding.
The company also released Grok-1.5V, which integrates image understanding, enabling the model to interpret both visual and text-based information. One of the notable steps xAI took was making Grok-1 open-source, which allows others to build on, optimize, and extend the model for various applications.