A group of investors will invest $6 billion to finance the development of artificial intelligence by Elon Musk’s xAI company.
Company said On its website on Sunday, it said the Series B funding round will be used to bring xAI’s first products to market and accelerate research. xAI said it has made “significant progress” in developing the technology over the past year, which will continue to do so in the coming months.
Investors in the latest round include Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research, Valor Equity Partners, Vy Capital, Saudi Prince Alwaleed bin Talal and Kingdom Holding.
Musk wrote on social network X that before the investment, xAI was worth $18 billion.
The funding should help Musk’s company compete in the race to develop artificial intelligence with Microsoft and Open AI, which created Chat GPT.
Musk announced the company last July and released an artificial intelligence chatbot called Grok in November.