KNOWLEDGE is POWER / REAL NEWS is KEY
New York: Wednesday, December 25, 2024
ยฉ 2024 U-S-NEWS.COM
Online Readers: 302 (random number)
New York: Wednesday, December 25, 2024
Online: 330 (random number)
Join our "Free Speech Social Platform ONGO247.COM" Click Here
Science & Tech: Elon Musk's Xai Raises $6b To Bolster

SCIENCE & TECH: Elon Musk’s xAI raises $6B to bolster battle against OpenAI

๐Ÿ”ด Website ๐Ÿ‘‰ https://u-s-news.com/
Telegram ๐Ÿ‘‰ https://t.me/usnewscom_channel


Elon Muskโ€™s artificial intelligence startup xAI revealed that it raised $6 billion in its latest funding round as the startup continues to ramp up in its battle against bitter rival OpenAI.

Musk took a victory lap after announcing Monday on his social media platform X that the company concluded its Series C funding round โ€” which is usually the final stage of venture capital financing.

โ€œWe are gonna need a bigger compute!โ€ Musk wrote, in an apparent reference to the famous line from โ€œJaws.โ€

Elon Muskโ€™s xAI, his artificial intelligence startup, has raised an additional $6 billion, the company announced. ZUMAPRESS.com

The need for a โ€œbigger computeโ€ is likely an indication that Musk plans to use the investment to build larger processing centers to warehouse super computers that will be needed to train and run more sophisticated AI models.

The company had raised $6 billion in a Series B funding round in May at a post-money valuation of $24 billion. In late November, xAI raised another $5 billion at a $50 billion valuation, according to the Wall Street Journal.

Now, it appears xAI raised a bigger round of $6 billion, but Musk didnโ€™t disclose the valuation.

Investors in the latest funding round included Sequoia Capital, Morgan Stanley, BlackRock, Fidelity, Saudi Arabiaโ€™s Kingdom Holdings, the sovereign wealth funds of Oman and Qatar, Lightspeed Venture Partners, Valor Equity Partners, Dubai-based Vy Capital and UAE-based MGX, the company said.

In its latest announcement, xAI said that it is training Grok 3, the latest version of its chatbot, which was originally scheduled to be available by the end of this year.

The infusion of cash comes as Musk is engaged in an AI arms race against ChatGPT maker OpenAI, the company he co-founded and which is now run by Sam Altman.

Musk posted memes that parodied the hit film โ€œJaws.โ€ X / @grok
Muskโ€™s xAI has a valuation of $40 billion following its Series C funding round. Getty Images

Musk, who left OpenAI after losing a power struggle against Altman and other co-founders, is suing the company and its key financial backer Microsoft.

He is alleging that Microsoft and OpenAI, which as of October was valued at around $157 billion, illegally sought to monopolize the market for generative artificial intelligence and sideline competitors.



Source link

OnGo247
New 100% Free
Social Platform
ONGO247.COM
Give it a spin!
Sign Up Today
OnGo247
New 100% Free
Social Platform
ONGO247.COM
Give it a spin!
Sign Up Today