Elon Musk's AI startup raises $6 billion from investors, will help in challenging Open AI

Elon Musk's Artificial Intelligence (AI) startup XAI has raised $6 billion (about Rs 50,000 crore) at a valuation of $24 billion. This is the highest amount raised from investors in A, B, or C funding rounds so far. It will be used to challenge the dominance of Open AI.

Musk wrote in a social media post before this funding was raised in Series B, that XAI's valuation was $18 billion. To challenge companies like Open AI in the fast race of AI, Andreessen Horowitz, Sequoia Capital, and Fidelity Management among others have invested in it.

Musk's artificial intelligence startup is unique because it was founded just 15 months ago. This money, according to the post, will be used to develop cutting-edge infrastructure, speed up research on emerging technologies, and launch XAI's first products onto the market. Open AI has raised $14 billion so far, bringing its valuation to $80 billion.