courtesy: firstpost
The artificial intelligence startup by Elon Musk, xAI, is seeking to raise nearly $6 billion in a funding round backed by Silicon Valley heavyweights including Andreessen Horowitz, as per the reports of The Financial Times.
The reports, citing people familiar with the deals, also suggested that the round included commitments from Tribe Capital and Sequoia Capital. Another source have shared that the startup is being valued at $18 billion.
The AI race has been heating and cheques with enormous amounts are being signed to back the startups, which can potentially compete with current market leaders such as OpenAI.
In the first quarter of venture capital funding, AI startups raised $19.15 billion, which is higher than previous year’s $16.36 billion, as per the data acquired from PitchBook.
The representatives for Musk and the investment companies declined to respond to requests being made by news agency for comment.
Earlier this year, the Tesla CEO had denied the news of xAI seeking funding.
