Grok developer xAI has raised $5 billion in new funding, bringing its valuation to $50 billion. Report in the Wall Street Journal. The latest round of funding, first announced on Friday, adds to billions raised in May.
Valor Equity Partners, Sequoia Capital and Andreessen Horowitz are reported to be part of the deal, while Qatar's sovereign wealth fund is also involved, citing unnamed sources.
Those same investment firms had previously invested $6 billion in xAI, allowing the company to continue on a “downward growth trajectory.” announced Back in May.
According to xAI, other firms that have invested in the AI developer include V Capital, Fidelity Management and Research Company, Prince Alwaleed Bin Talal and Kingdom Holding.
Joining Google, Microsoft, Meta, OpenAI and Anthroponic in the growing AI industry, xAI is part of a growing group of consumer-facing artificial intelligence.
About $10 billion is being spent on the emerging technology, and an additional $632 billion is expected to disappear by 2028, August reported. Report by market data firm International Data Corporation.
As part of that drive, Tesla and xAI CEO Elon Musk It is spread He is looking for investors in the Middle East in October, including Saudi Arabia. At the time, xAI was valued at $45 billion.
Musk and xAI, the same month, the computer chip manufacturer Nivea to use its Spectrum-X networking technology to expand its operations on xAI's Colossus supercomputer.
Musk founded xAI in July 2023 to develop AI to compete with his previous company OpenAI and flagship chatbot ChatGipt. When it launched last year, the OpenAI rival announced $134 million in funding, bringing its initial funding to $1 billion.
Last fall, xAI announced its answer to ChatGPT, Grok, which was integrated into X (formerly Twitter) for Premium subscribers. But Grok was hurry upis a proven fact. xAI.
Despite these initial setbacks, Grok continues to evolve. In August, the Grok 2 was launched, which featured image generation, and according to Elon Musk, the next version. Grok It is expected to start in December.
Edited by Sebastian Sinclair.
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