Investors were betting big on companies similar to OpenAI’s rivals in the growing AI market. Elon Musk’s AI startup xAI was no different, raising $6 billion in series B funding and reaching a post-money valuation of $24 billion.
Investors backing the investment round included Sequoia Capital and Andreessen Horowitz, the business announced in a blog post on Sunday.
In a post on X, Musk stated that the company’s pre-money valuation was $18 billion.
According to xAI, the funds will be utilised to construct cutting-edge infrastructure, launch the company’s initial products, and quicken the creation of new technologies.
In reaction to the investment announcement, Musk stated in another X post, “There will certainly be additional developments to disclose in the weeks to come.”
Leading the intense competition for generative AI supremacy are businesses like Alphabet’s Gemini and Microsoft-backed OpenAI, which are propelling large investments and innovation in the quickly changing field.
Source- Reuter and X blog
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