Technology

Elon Musk’s xAI Secures $6 Bln In Series B Funding, More Upgrades Loom – Crypto News

Published

1 year ago

May 27, 2024

Dripp

In an optimistic mover, Elon Musk’s xAI, a renowned artificial intelligence (AI) startup, has recently announced that it secured a whopping $6 billion in a series B funding round held yesterday, May 26. Witnessing participation from numerous investment giants, including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, and many others, Musk’s AI startup has marked a significant milestone with this colossal funding.

Since its announcement in July 2023, xAI, an AI startup, has been on a meteoric rise, rapidly gaining substantial traction and challenging industry pioneers like Sam Altman’s OpenAI. From the release of Grok-1 on X in November to the recent announcements of advanced models like Grok 1.5 and Grok1.5 v, xAI has further cemented its foothold across the global AI industry.

xAI’s Series B Funding Round: What’s the Scoop?

According to an official announcement by xAI, the firm plans to continue its “steep trajectory of progress over the coming months, with multiple exciting technology updates and products soon to be announced.” In a post on X, Elon Musk further reiterated this by saying, “There will be more to announce in the coming weeks.”

Intriguingly, these statements have further ignited a frenzy across the global AI space, as Musk recently hinted at plans to build a supercomputer. ‘The information’ reported a few days back that the Tesla & SpaceX founder plans to build a supercomputer to power the next generation of its AI chatbot Grok.

Moreover, the firm’s official statement pointed out that the funds from the abovementioned financing round will further be used to “take xAI’s first products to market, build advanced infrastructure, and accelerate the research and development of future technologies.”

Also Read: XRP Price: Whale Moves 32M Coins As Judge Torres’ Decision Looms, What’s Next?

Musk’s xAI Now Valued At $24 Bln

According to recent reports, with the abovementioned funding round weighing in, xAI is now valued at $24 billion. CoinGape Media earlier reported that investors were engaging in talks for a $3 billion investment injection into xAI, aiming to push the company’s value to $18 billion. Now, with the abovementioned $6 billion funding, a total $24 billion evaluation has further anchored Musk’s AI startup’s foothold across the AI sector.

Also Read: Tron Founder Justin Sun Hails Binance’s Changpeng ‘CZ’ In Latest Comment