Elon Musk's xAI closes USD20b Series E with Nvidia backing
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The news: Elon Musk's AI startup xAI has completed its Series E funding round, raising USD20 billion ($30 billion) from investors including Valor Equity Partners, Stepstone Group, Fidelity Management & Research Company, Qatar Investment Authority, MGX and Baron Capital Group.
The company, which had initially targeted a USD15 billion raise, said Nvidia and Cisco Investments also participated in the round as strategic investors.
The context: The raise is expected to support xAI's continued expansion of its sprawling data centre site in Memphis. The company also said it will accelerate the development of its AI chatbot Grok, which currently boasts 600 million monthly active users across the X and Grok apps.
What they said: "This financing will accelerate our world-leading infrastructure buildout, enable the rapid development and deployment of transformative AI products reaching billions of users, and fuel groundbreaking research advancing xAI's core mission: Understanding the Universe," xAI said in a media release.
"xAI is hiring aggressively and seeks mission-oriented individuals ready to join a small team focused on making a transformational impact on the future of humanity."
The source: xAI media release
