Following the most recent funding round, Musk's xAI is valued at $24B

As competition heats up in the artificial intelligence area, Elon Musk's venture xAI has secured $6 billion in series B investment, valuing the business at $24 billion.

According to a blog post on the business published on Sunday, investors in the round included Prince Alwaleed Bin Talal, Kingdom Holding, Fidelity Management & Research business, Andreessen Horowitz, Valour Equity Partners, and Vy Capital.

Based on the statement, the money obtained will be utilised to construct cutting-edge infrastructure, launch xAI's initial goods, and quicken the creation of new technology.

In a post on the social networking site X, Musk stated that xAI was valued at $18 billion before funding.

The business is creating a chatbot named Grok to compete with Alphabet's Gemini and Microsoft-backed OpenAI's ChatGPT.

Creating cutting-edge IA systems that are "truthful, competent, and maximally beneficial for all of humanity" is its declared goal.

(Sources: investing.com, proactiveinvestors.co.uk)