Elon Musk’s xAI raises $8 billion in bid to challenge OpenAI

Elon Musk’s xAI raises $8 billion in bid to challenge OpenAI

HONG KONG - Elon Musk’s xAI has raised US$6 billion (S$8.1 billion) in a Series B funding round backed by venture firms Andreessen Horowitz and Sequoia Capital.

The fundraising, announced in a blog post on May 26, comes less than a year after xAI’s debut and marks one of the bigger investments in the nascent field of developing artificial intelligence tools. Musk’s AI development is closely tied to X.com, the social network formerly known as Twitter, where xAI got its start with the Grok AI service.

Mr Musk had been an early supporter of artificial intelligence, backing OpenAI before it introduced ChatGPT in late 2022. He later pulled out of the venture and has advocated cautious development of the technology because of its potential dangers. BLOOMBERG

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