Musk's AI startup seeks to raise $1 billion

Agence France-Presse

<p>SAN FRANCISCO, United States - Elon Musk is seeking to raise a billion dollars for his xAI artificial intelligence company that he hopes will compete with ChatGPT&#x27;s Open AI.</p><p>An official filing to the US Securities and Exchange Commission on Tuesday said the company that Musk created earlier this year had already gathered $134.7 million and plans to raise $1 billion overall.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/05/23/musk-teases-ai-chatbot-grok-with-real-time-access-to-x">Musk teases AI chatbot &#x27;Grok,&#x27; with real-time access to X</a></li></ul><p>The filing added that there was a firm agreement to raise the full funds needed to meet the target, indicating that Musk may have deals in place for the full billion.</p><p>Musk last month offered a preview of his company&#x27;s ChatGPT-like chatbot, called &quot;Grok,&quot; which he said was trained on data from X, formerly Twitter, that Musk bought for $44 billion a year ago.</p><p>The wealthy entrepreneur and founder of electric carmaker Tesla started xAI in July after hiring researchers from OpenAI, Google DeepMind, Tesla and the University of Toronto.</p><p>He said that the company was missioned to &quot;understand the true nature of the universe.&quot;</p><p>Since OpenAI&#x27;s generative AI tool ChatGPT exploded on the scene a year ago, the technology has been an area of fierce competition between tech giants Microsoft and Google, as well as Meta and start-ups like Anthropic and Stability AI.</p><p>OpenAI reportedly secured commitments of $13 billion from Microsoft earlier this year.</p><p>Musk&#x27;s funding round comes as OpenAI suffered a chaotic few days last month that saw CEO Sam Altman return as the strong man of the company after being dismissed for a few days.</p><p>According to reports, OpenAI was planning an imminent share sale that valued the company between $80 and $90 billion, but that sale has been delayed because of the boardroom chaos.</p><p>arp/mlm</p><div><strong>© Agence France-Presse</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/Rpghdh0KAu8?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Elon Musk is seeking to raise a billion dollars for his xAI artificial intelligence company that he hopes will compete with ChatGPT's Open AI.

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Musk's AI startup seeks to raise $1 billion

Musk's AI startup seeks to raise $1 billion

Agence France-Presse

Published Dec 06, 2023 08:19 AM PHT

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