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Musk-led xAI raises $6 billion in Series B funding
May
Elon Musk’s synthetic intelligence (AI) firm xAI has introduced new Collection B funding, stated to assist convey its merchandise to market, and speed up infrastructure improvement and future analysis.
On Sunday, xAI announced that it has raised $6 billion in a Collection B funding spherical, just some months after Musk said earlier this year that the company wasn’t actively raising capital. The funding spherical options key traders, together with Valor Fairness Companions, Vy Capital, Andreessen Horowitz, Sequoia Capital, Constancy Administration & Analysis Firm, Prince Alwaleed Bin Talal, and Kingdom Holding, together with others, nonetheless.
Tesla again urges investors to vote in favor of Musk pay plan, Texas move
Final month, xAI unveiled its Grok 1.5V with visual and contextual processing, together with making Grok’s weights and architecture open to the public in March. Grok officially debuted in November as the corporate’s first product.
The corporate additionally stated within the announcement that it plans to “proceed on this steep trajectory of progress over the approaching months, with a number of thrilling expertise updates and merchandise quickly to be introduced.”
“The funds from the spherical will probably be used to take xAI’s first merchandise to market, construct superior infrastructure, and speed up the analysis and improvement of future applied sciences,” xAI provides.
The publish additionally factors to the corporate’s careers page, the place events can apply to work for the Musk AI firm.
Pre-money valuation was $18B
— Elon Musk (@elonmusk) May 27, 2024
Musk additionally adopted up the announcement saying that individuals ought to “Be a part of xAI in case you imagine in our mission of understanding the universe, which requires maximally rigorous pursuit of the reality, with out regard to recognition or political correctness.”
In January, following a report from Monetary Occasions and Bloomberg claiming that xAI had been elevating $6 billion in funding — and following a flurry of assaults lodged towards OpenAI by Musk for abandoning its non-profit mission — Musk dismissed the statements, saying that the company wasn’t raising capital.
The announcement additionally comes as shareholders at Tesla are voting on whether or not to ratify Musk’s voided 2018 compensation package, occurring between now and its Annual Stockholders Assembly on June 13. Musk has previously threatened to take AI and robotics development outside of Tesla if he doesn’t gain around 25 percent voting control within the company—although the statements adopted the CEO selling around $22.9 billion worth of Tesla shares in 2022 during his acquisition of Twitter.
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