xAI, Elon Musk’s synthetic intelligence (AI) firm, has raised USD 6 billion in new capital, in accordance with a regulatory submitting. The fairness financing got here from 97 traders and contains stakes as small as USD 77,593, as acknowledged within the submitting with the US Securities and Change Fee on Thursday. The submitting didn’t disclose the identities of the traders. Moreover, the corporate has not supplied particular info relating to its valuation or income figures.
Additionally Learn: OpenAI Raises USD 6.6 Billion to Speed up AI Analysis and Growth
xAI’s Newest Funding
The funding comes as xAI seeks to bolster its presence within the AI business by increasing its Memphis, Tennessee, supercomputer to accommodate a minimum of a million graphics processing models (GPUs). Earlier studies point out that current traders, together with Valor Fairness Companions, Sequoia Capital, Andreessen Horowitz, and the Qatar Funding Authority, participated within the funding spherical.
Since its inception final 12 months, xAI has launched its generative AI mannequin, Grok, which powers options on X. The corporate reportedly plans to make use of funds from this spherical to buy 100,000 AI chips from Nvidia.
Collection B Funding
This new funding brings xAI’s complete capital raised to USD 12 billion, including to the USD 6 billion tranche secured earlier in Could. The corporate acknowledged that the Collection B funding will probably be used to convey its first merchandise to market, construct superior infrastructure, and speed up analysis and improvement of future applied sciences.
“Our Collection B funding spherical of USD 6 billion with participation from key traders together with Valor Fairness Companions, Vy Capital, Andreessen Horowitz, Sequoia Capital, Constancy Administration and Analysis Firm, Prince Alwaleed Bin Talal and Kingdom Holding, amongst others,” the corporate introduced in Could.
“xAI is primarily centered on the event of superior AI programs which can be truthful, competent, and maximally useful for all of humanity. The corporate’s mission is to grasp the true nature of the universe,” the corporate stated in a weblog publish.
Additionally Learn: Telefonica’s Wayra Invests in AI Startup Perplexity, Indicators Business Settlement
The Grok AI Mannequin
xAI’s flagship product, a chatbot known as Grok, is out there to paying customers of X, the social community previously often known as Twitter. In August, the corporate launched Grok-2, a frontier language mannequin with state-of-the-art reasoning capabilities. This launch launched two fashions: Grok-2 and Grok-2 Mini.
In November, xAI launched the API Public Beta, providing programmatic entry for builders to construct functions utilizing Grok basis fashions by way of the newly launched API.
