Elon Musk's XAI secures USD6B in funding to accelerate development, innovation
Date
5/28/2024 4:09:46 AM
(MENAFN) XAI, an emerging artificial intelligence company founded by American billionaire Elon Musk, recently announced a successful funding round, raising a substantial six billion dollars. This significant capital injection came from prominent investors, including Valor Equity Partners, Andreessen Horowitz, Sequoia Capital, and Saudi Prince Alwaleed bin Talal. According to the company's website, the newly acquired funds will be strategically utilized to launch the first XAI products, develop advanced infrastructure, and expedite research and development efforts aimed at pioneering future technologies.
Elon Musk established XAI in July 2023, shortly after advocating for a slowdown in the rapid development of artificial intelligence. As one of the few investors with sufficient resources to rival industry giants like OpenAI, which collaborates with Microsoft, Google, and Meta, Musk's involvement in XAI positions the company as a formidable competitor in the AI landscape. This recent funding round has consequently elevated XAI's estimated market valuation to USD24 billion, a notable increase from its previous USD18 billion valuation that Musk disclosed on his social network platform, X.
The company's primary objective is to develop an advanced artificial intelligence system designed to be highly reliable, efficient, and beneficial for all of humanity. In alignment with this mission, XAI is actively working on a conversational AI robot named Grok. This innovative application will have real-time access to the X platform, also owned by Musk, enhancing its functionality and user engagement. XAI's ambitious projects and robust funding indicate a significant stride towards shaping the future of artificial intelligence technology.
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