Elon Musk’s artificial intelligence company xAI announced this week that it raised $6 billion in its latest round of fundraising as the new company looks to gain ground on OpenAI.
The company, which was created in July 2023, announced in a blog post: “Our Series B funding round of $6 billion with participation from key investors including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holding, amongst others.”
In less than a year, the company already rolled out its own AI chatbot, Grok, to compete with OpenAI’s ChatGPT. Grok, which is only available on Musk’s social media platform X, has already seen the release of two more sophisticated models — Grok 1.5 and later Grok 1.5V with image understanding, the company said.
“The funds from the round will be used to take…
