Elon Musk‘s artificial intelligence company, XAI94K, is expected to complete a funding round in June, potentially valuing it at more than $24 billion, Bloomberg reports.
The company aimed to finalize a $6 billion financing earlier this month, but the completion of this deal, which started last year, has yet to occur.
The XAI94K funding round includes contributions from investors like Andreessen Horowitz and Sequoia Capital, as mentioned in a recent company blog post.
According to a statement from Musk on X, the company’s valuation before this round was $18 billion.
The funds can be allotted in direction of launching XAI94K’s preliminary merchandise, growing superior infrastructure, and boosting analysis and improvement for upcoming applied sciences, the corporate mentioned.
In response to the funding information, Musk teased on X that “there can be extra to announce within the coming weeks.”
XAI94K’s battle towards OpenAI
XAI94K mentioned it had skilled fast improvement over the previous yr, as outlined in a latest weblog submit by the corporate. “From the announcement of the corporate in July 2023, to the discharge of Grok-1 on X in November, to the latest bulletins of the improved Grok-1.5 mannequin with lengthy context functionality, to Grok-1.5V with picture understanding, XAI94K’s mannequin capabilities have improved quickly.”
The Grok chatbot was launched to X Premium Plus customers in December. In contrast to conventional chatbots, Grok is reportedly programmed to exhibit a politically incorrect and witty persona, drawing inspiration from conservative commentators like Tucker Carlson and Joe Rogan.
“With the open-source launch of Grok-1, XAI94K has opened doorways for developments in numerous purposes, optimizations, and extensions of the mannequin,” the corporate continued.
The billionaire was as soon as carefully related with OpenAI as a co-founder, however he walked away years in the past to observe his personal path in AI improvement, with a bitter fallout ensuing. Musk has taken authorized motion towards his former firm and its incumbent CEO, Sam Altman, for allegedly reneging on its authentic function to construct AI for the good thing about humanity and never for the pursuit of revenue.
Consequently, the corporate added: “XAI94K is primarily centered on the event of superior AI programs which might be truthful, competent, and maximally useful for all of humanity. The corporate’s mission is to grasp the true nature of the universe.”
Elon Musk’s XAI94K approaches $24B value with new funding round techbullion.com 2024-07-08 10:02:17
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