Elon Musk's artificial intelligence (AI) venture, xAI, is currently in the process of raising up to $1 billion in equity investments, as revealed by a filing with the US Securities and Exchange Commission (SEC). The CEO of Tesla and SpaceX has successfully secured $134.7 million from four undisclosed investors, with the initial transaction taking place on November 29.
The SEC document outlines that xAI will only consider a minimum investment of $2 million from external investors. This move comes as Musk positions xAI, which stands for eXperimental Artificial Intelligence, to compete with OpenAI's ChatGPT.
In a recent statement, Musk highlighted that xAI's AI chatbot, known as Grok, possesses more up-to-date information compared to traditional GPT models. Grok is offered to users as part of the X Premium Plus subscription, priced at $16 per month via the web.
Described by the xAI team as an AI modeled after the Hitchhiker’s Guide to the Galaxy, Grok aims to answer a wide range of questions and even suggest relevant inquiries. Musk's departure from OpenAI in 2018, due to the company's shift toward a for-profit model, led to the founding of xAI. Musk has criticized OpenAI's ChatGPT, referring to it as "WokeGPT."
Launched earlier this year, xAI is led by Musk and includes team members with experience from prominent AI entities such as OpenAI, Google Research, Microsoft Research, and Google's DeepMind. The overarching mission of xAI, according to its website, is to comprehend the true nature of the universe.
(With Agency Inputs)