xAI, a company specializing in artificial intelligence (AI) recently launched by Elon Musk, has already secured $500 million in investments. Its objective, for the moment, is to raise 1 billion dollars.
Not very enthusiastic about ChatGPT which he considers too “ woke », Elon Musk founded his own AI start-up in July 2023. Objective: “ working to build artificial intelligence to accelerate human scientific discovery ” all in “ advancing our collective understanding of the universe “. Only a few months later, xAI launched its very first product. Called Grok, it is a conversational agent based on “ humor and sarcasm “.
Investors in X.com invited to participate in xAI
According to Bloomberg, who spoke with several people familiar with the matter, xAI would seek to achieve a valuation between $15 billion and $20 billion. The billionaire explained last November that investors in X.com would own 25% of xAI. In practice, they are invited to invest at least 25% of the amount dedicated to the social network in xAI. By reaching $500 million in funding, the start-up is getting closer to its goal of $1 billion, indicated last December in a document sent to the American financial regulator.
The various parties are expected to finalize the terms within the next two weeks. Some venture capitalists are nonetheless looking to benefit from xAI’s computing power because some of their companies need to process data intensively to develop new AI products. In April 2023, Elon Musk acquired 10,000 graphics cards from NVIDIA to run his future models.
“ Fake news ”, according to Elon Musk…
Grok is available to paid subscribers of X.com. In this way, the businessman hopes to boost his subscription offer with additional functionality. The model was trained on publications posted on the social network, and has access to them in real time. A capability widely highlighted by xAI, most competing AIs are not directly connected to the Internet.
The company also said it would collaborate with Tesla, although no further details have been revealed yet. For his part, Elon Musk denies having raised $500 million. He also assured that xAI was not targeting $1 billion in financing, despite a formal request to the Securities and Exchange Commission (SEC), the American regulatory and supervisory body for financial markets.
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Source : Bloomberg
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