Elon Musk's AI startup xAI now worth $24 bln
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Elon Musk's AI startup, xAI, has recently raised $6 billion in Series B funding, culminating in a total post-money valuation of $24 billion, according to the company.
The funding round was backed by investors such as the private American venture firm Andreessen Horowitz and Sequoia Capital, a California-based venture capital company.
According to a post in X by Elon Musk, founder of xAI, the company's pre-money valuation before the recent funding was $18 billion. In the post, Musk added that "there will be more to announce in the coming weeks" regarding xAI moving forward.
An official statement by xAI states that the money from the funding will be allocated to launching xAI's initial products, developing advanced infrastructure, and accelerating research and development of future technologies.
xAI, launched in July 2023, has so far publicly released Grok, a conversational AI chatbot, and made it accessible to X Premium users. The company has also announced an early-access release of PromptIDE, an "integrated development environment for prompt engineering", as per information in their official website.