Elon Muskgenerative artificial intelligence start-up, xAIofficially announced its long-awaited fundraising, making it the second most respected generative AI company in the world, behind its only competitor OpenAI.
The $6 billion round included investments from Valor Equity Partners, You, capital, Andreessen Horowitz, Capital of Sequoia, faithfulness Management & Research Co., Prince Alwaleed Bin Talal AND Kingdom Holding Co.among others.
The recent financing values the company at $24 billion post-money, well below OpenAI Valued at $86 billion but long before the $18 billion generative artificial intelligence startup Anthropic is currently valued at the level after the last increase.
It was reported earlier this month, one other competitor based in Paris Mistral AIwas closing in on a round of around $600 million from existing investors Generic catalytic converter AND Partners of the Lightspeed enterprise which might value it at $6 billion.
Fresh money and recent artificial intelligence
There has been talk of an xAI round for months. The company was announced last July and released its ChatGPT competitor, Grok, last November. Just earlier this 12 months, it introduced its latest artificial intelligence model, called Grok-1.5.
Grok is trained on data from Musk’s other company, X, formerly Twitter.
“xAI is primarily focused on developing advanced artificial intelligence systems that are truthful, competent and of the maximum benefit to all of humanity,” the company said in a statement blog announcing the round. “The company’s mission is to understand the true nature of the universe.”
It was like that just last week too reported xAI plans to develop a massive computer – which Musk in his investor call called a “gigafactory of computing” – to coach the next versions of conversational artificial intelligence.