Elon Musk’s artificial intelligence initiative xAI was introduced in recent months and made its first model, Grok, available. Grok, a chat bot similar to ChatGPT, helped the company attract attention in a short time. New reports indicate that Musk is seeking funding for xAI.
Investment process begins for OpenAI rival xAI
Some sources speaking to the Financial Times stated that xAI company started a new investment round. Accordingly, the artificial intelligence company is seeking a financing of $6 billion based on a valuation of $20 billion.
This funding will be the largest source to date for xAI, which wants to compete with Microsoft-backed OpenAI. It has been claimed that xAI CEO Elon Musk has met with the largest investors in China and India in recent weeks.
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It is known that OpenAI has received financial support of $13 billion from Microsoft to date. The fact that Musk is conducting a financing round with a valuation of $ 20 billion means that he can find more resources from OpenAI and speed up the work.
OpenAI is one of the highest-valued AI companies focused on developing “useful AI” in general. Musk, on the other hand, thinks that xAI can sit in this seat thanks to its valuation of $ 20 billion.
Previous reports had revealed that xAI had raised $500 million at a valuation of $15-20 billion. However, an investment of $6 billion shows that the company’s goals have grown even further.
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