Musk’s AI company xAI secures billion-dollar investment

Status: 27.05.2024 15:52

Tesla boss Musk also wants to get involved in the field of artificial intelligence. His AI company xAI has raised six billion dollars in a new round of financing. He has already announced a chatbot and a supercomputer.

US entrepreneur Elon Musk has raised six billion dollars (5.5 billion euros) in investments for his AI company xAI. The latest round of investors included several well-known venture capitalists and a Saudi Arabian prince, as xAI announced yesterday. The company’s capital to date therefore totals around 24 billion dollars.

Investors include Valor Equity Partners, Sequoia Capital and Prince Al-Walid Bin Talal. “The funds from the financing round will be used to bring xAI’s first products to market, build advanced infrastructure and accelerate research and development of future technologies,” xAI explained. Musk announced that there would be more news in the coming weeks.

Chatbot named Grok

According to the information, xAI’s main focus is on developing “advanced AI systems that are truthful, competent, and of maximum benefit to all of humanity.” For example, work is underway on a chatbot called Grok. Musk also wants to build a supercomputer called the “Gigafactory of Compute” to support the development of xAI.

So far, the leaders in the field of artificial intelligence (AI) are the large technology companies such as Microsoft, Google and Meta. The development of AI models that can keep up with the pioneers requires enormous investments in IT infrastructure and know-how. Musk is one of the few investors who can afford to try this.

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