Elon Musk's xAI raises $6 billion in Series B funding round - Hindustan Times
close_game
close_game

Elon Musk's xAI raises $6 billion in Series B funding round

Reuters |
May 27, 2024 11:34 AM IST

Investors included Andreessen Horowitz and Sequoia Capital, among others, the company said.

Elon Musk's artificial intelligence startup xAI has raised $6 billion in a Series B funding round backed by investors including Andreessen Horowitz and Sequoia Capital among others, the company said in a blog post on Sunday.

Tech billionaire Elon Musk arrives at Ngurah Rai International airport in Denpasar on Indonesia's Bali island.(AFP)
Tech billionaire Elon Musk arrives at Ngurah Rai International airport in Denpasar on Indonesia's Bali island.(AFP)

The money will be used to take xAI's first products to market, build advanced infrastructure and accelerate research and development of future technologies, xAI said.

Now catch your favourite game on Crickit. Anytime Anywhere. Find out how

"There will be more to announce in the coming weeks," Musk said in a post on X, in response to the announcement of the funding.

The AI race has been heating up, with several investors signing big checks for start-ups looking to compete with market leaders like OpenAI.

Though xAI did not say what it was valued at after the latest round of funding, other media reports previously suggested the company would be valued at between $18 billion and $24 billion.

Reuters could not immediately verify the valuation with xAI.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Get latest updates on Petrol Price along with Gold Rate , Today Weather and Budget 2024 at Hindustan Times.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, June 14, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On