Elon Musk's artificial intelligence start-up xAI has raised $6 billion in the Series B funding round, taking the company's valuation to $24 billion as investing heavyweights continue to bet big on AI ventures.
According to an announcement made by xAI on Sunday, the funding round was led by big money moneybags like Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, and Prince Alwaleed Bin Talal and Kingdom Holding.
The company said it will use the fresh funding to take xAI's first products to market, build advanced infrastructure, and accelerate the R&D for future technologies.
Continually challenging the field major OpenAI, xAI had launched its first chatbot Grok-1 in November 2023, which was followed by Grok-1.5 and later Grok 1.5v with "image understanding."
According to a recent report by The Information, xAI is planning to build a supercomputer to ultimately take on its AI rivals and in its putative mission to "understand the true nature of the universe."
The report, which gleaned its insights from a presentation to investors, said the supercomputer will likely be ready by next fall.
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