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Elon Musk’s xAI Secures $6 Billion in Series B Funding, Valued at $24 Billion

Elon Musk’s artificial intelligence (AI) startup, xAI, has announced a successful $6 billion Series B funding round, which has lifted the company’s valuation to $24 billion. This significant capital injection will enable xAI to further develop its products and bring them to market.

The Series B funding round was led by a group of prominent investors, including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal, and Kingdom Holding.

xAI, which was publicly unveiled in July 2023, plans to use the funds to accelerate the research and development of future technologies, build advanced infrastructure, and take its first products to market. The company has already launched its Grok chatbot, which has been integrated into the X (formerly Twitter) platform for users who purchase a subscription.

In December 2023, xAI had indicated its intention to raise $1 billion in capital from equity investors, with the company having already sold around $134 million of that total. Musk, who has been vocal about his belief that OpenAI has fallen behind Google in the AI race, launched xAI to compete with OpenAI, a company he co-founded before departing its board of directors in 2018.

The company is actively hiring for numerous roles, seeking talented individuals who share xAI’s mission of understanding the universe through a rigorous pursuit of the truth, without regard to popularity or political correctness. This substantial funding round and the company’s ambitious plans underscore the growing importance and potential of AI technology, as Elon Musk and his team at xAI aim to make a meaningful impact on the future of humanity.

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