xAI, Elon Musk’s AI company, raises its valuation to USD $24 billion – DiarioBitcoin
By Hannah Perez
xAI, less than a year old, will use the fresh capital to bring a product to market that can rival ChatGPT, the model developed by its rival, OpenAI.
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- Elon Musk’s AI company raised $6 billion in new funding round
- The round raised xAI’s valuation to $24 billion, up from $18 billion previously.
- The fresh capital will allow the company to advance its Grok product and rival OpenAI
xAIElon Musk’s artificial intelligence company, raised $6 billion in a new funding round that raised its valuation to $24 billion.
In a statement this Monday, the company announced the closing of a Series B financing round that included the participation of key investors such as Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holdingamong others.
Founded in July 2023, xAI mainly focuses on the development of advanced artificial intelligence (AI) systems and offers a chatbot called Grok which is available to users who pay for the premium subscription of x, the Musk-owned social network formerly known as Twitter.
In the publication, xAI He explained that the money would be used for carry the “company’s first products to market, build advanced infrastructure and accelerate research and development of future technologies“.
“There will be more to announce in the coming weeks“Musk wrote in a post in response to the announcement. He added that prior to receiving the new funding, the startup had a valuation of $18 billion.
xAI seeks to compete with established rival OpenAI
The fresh capital will allow the company to continue advancing its AI products to rival established companies in the sector, such as OpenAIas competition between big technology companies accelerates.
OpenAIsupported by Microsoftis the group AI research team behind the popular chatbot ChatGPT. It recently introduced the latest updated version of its model, GPT-4o, with combined audio, text and image capabilities and freely available to all users. Musk co-founded OpenAI but I quit as president six years ago.
xAI launched for the first time Grok in November 2023, initially with text-only capabilities, but has since been expanding its features. Recently, it was reported that the company is is making progress on adding multimodal inputs, which means users will soon be able to upload photos to Grok and receive text-based responses, as explained The Verge.
Grok has “knowledge of the world in real time“, including publications in x, as Musk said. The last update was in March, with the release of Grok 1.5, which included improved reasoning capabilities, according to the same report. xAI is currently hiring engineers and researchers in Palo Alto, San Francisco and London.
The developments come amid a race among AI giants to advance towards the latest frontiers of AI, with multimodal chatbots becoming the center of the advancements. A few weeks ago Google presented an update to its model Geminiwhich it promoted as capable of processing up to 1 million tokens, equivalent to 1,500 pages.
Article by Hannah Estefanía Pérez / DailyBitcoin
Image generated with an AI tool, under a free use license
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