Elon Musk’s new startup xAI seeks to raise $6 billion to challenge OpenAI

With a number of buyers handing sizable checks to startups to revenue from what has attracted Silicon Valley’s consideration up to now yr — the race to create extra and higher AI has been escalating. As we speak, the billionaire entrepreneur Elon Musk‘s “artificial intelligence start-up xAI is in talks to boost as much as $6 billion.” The beginning-up is searching for cash from rich holding funds within the Center East and has held discussions with household places of work in Hong Kong, in response to a narrative opens new tab that cited a number of folks with data of the scenario. For the most recent fundraising effort, Musk has additionally reached out to buyers in South Korea and Japan, although his workplace didn’t reply to a request for remark.

Elon Musk has by no means made any secret about his plans to construct a safer AI. xAI made headlines final yr when “Grok,” a chatbot positioned as an adversary to OpenAI‘s ChatGPT, was launched. Musk has incessantly underlined the significance of creating AI responsibly. He most not too long ago issued a warning towards creating robotics and synthetic intelligence (AI) outdoors of Tesla till he acquires extra affect over the corporate’s selections. Musk voiced concern about main Tesla into synthetic intelligence with out acquiring 25% of the vote.

As a again story — OpenAI, the corporate behind ChatGPT, was based and established in 2015 in San Francisco by Elon Musk (Tesla, X, xAI), Llya Sutskever, Wojciech Azremba, Greg Brockman, and present CEO of ChatGPT, Sam Altman. Musk left OpenAI in 2018, citing a battle of curiosity with the AI in his Tesla enterprise. In July 2023, Musk stated that xAI would search to “perceive the true nature of the universe.” Since leaving OpenAI, Musk has frequently given speeches and advocated for cautions in AI innovation.

Startups have been in a subdued marketplace for a while, however due to AI with it’s business shiny spots resembling ChatGPT and the lot — many startups on this area are having fun with an excellent funding surroundings.

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Beforehand she labored because the Editor in Chief for Startup Grind and has over 20+ years of expertise in content material administration and content material growth.