Musk's artificial intelligence initiative xAI raised $6 billion
The fundraise, announced in a blog post on May 26, comes less than a year after xAI's debut and marks one of the largest investments in artificial intelligence tools development.
Musk's artificial intelligence initiative xAI started with the conversation-based artificial intelligence chat service GrokAI on the 'X' platform, previously known as Twitter.
This round marks a significant milestone for xAI, pushing the company's valuation to $24 billion just 11 months after its launch in July 2023.
By comparison, chatGPT creator OpenAI has a valuation of $80 billion, three times larger than Musk's xAI. OpenAI launched in December 2015, giving it an eight-year head start over Musk's AI company.
Musk's xAI will distribute funds to advance research and development of socially beneficial AI systems and help bring the first product to market. According to the announcement:
“xAI focuses primarily on the development of advanced artificial intelligence systems that are accurate, competent and provide maximum benefit for all humanity. The company's mission is to understand the true nature of the universe.”
Following the announcement, the billionaire technology entrepreneur reached out to his 184 million followers and encouraged them to apply to the artificial intelligence company. In his May 27 article, X wrote:
“Join xAI if you believe in our mission to understand the universe, which requires the utmost rigor of truth, regardless of popularity or political correctness.”
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