All Updates

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Funding
xAI raises USD 6 billion in Series B funding round for product development
Generative AI Applications
May 27, 2024
This week:
Funding
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Product updates
Funding
SurrealDB raises USD 20 million in Series A; launches beta version of Surreal Cloud
Data Infrastructure & Analytics
Yesterday
Generative AI Applications

Generative AI Applications

May 27, 2024

xAI raises USD 6 billion in Series B funding round for product development

Funding

  • Elon Musk's startup, xAI, raised USD 6 billion from Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research, Valor Equity Partners, Vy Capital, Saudi Prince Alwaleed Bin Talal, and Kingdom Holding. The funds have been raised at a pre-money valuation of USD 18 billion.

  • xAI intends to use the funds to bring its first products to market, enhance its infrastructure, and boost R&D for future technology ventures.

  • Analyst QuickTake: xAI's flagship offering, Grok, is offered exclusively on the X platform and competes with OpenAI’s ChatGPT. While the funds will be used to acquire the computing power required, this substantial financial backing would help xAI accelerate its R&D efforts, potentially leading to more advanced and competitive GenAI models and products and increasing competition in the space.

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