Elon

Elon Musk

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According to a Thursday&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-05-09/musk-s-xai-nears-funding-at-18-billion-value-soon-as-this-week?utm_source=twitter&amp;utm_campaign=socialflow-organic&amp;utm_content=tech&amp;cmpid%3D=socialflow-twitter-tech&amp;utm_medium=social">report</a> by Bloomberg, Elon Musk's artificial intelligence (AI) venture xAI is on the cusp of reaching a valuation of $18 billion after its latest funding round.&nbsp;
In late April, the business outlet reported that the AI startup was nearing a deal to secure $6 billion in funding from such big-name participants as Menlo Park-headquartered venture capital firm Sequoia Capital.&nbsp;&nbsp;
Musk launched the xAI venture back in July 2023 in order to compete with the likes of OpenAI, which managed to gain a lot of prominence because of its viral ChatGPT chatbot.
The startup launched its own generative AI chatbot called&nbsp;<a href="https://u.today/elon-musks-grok-ai-criticized-by-bitcoiner-erik-voorhees-details">Grok</a> in December for paying subscribers on the X social media network (formerly Twitter).&nbsp;
In March, xAI announced the launch of Grok-1.5, an enhanced version of Musk's AI chatbot. The improved version is supposed to be better at coding as well as mathematical tasks.&nbsp;
Even with the latest funding, it will be highly challenging for OpenAI to leapfrog OpenAI. The latter is now valued at a whopping $80 billion following a recent deal.&nbsp;
Other AI startups are also seeing significant funding. For instance, search startup Perplexity is now valued at $1 billion after securing a $63 million funding round spearheaded by investor Daniel Gross. Earlier this week, AI startup Atlan reached a valuation of $750 million after raising $105 million. Meanwhile, British self-driving startup Wayve has secured $1 billion in funding from the likes of Japan's Softbank. Mistral and Aleph Alpha were also among the startups that recently secured massive funding rounds.&nbsp;

Musk’s AI Startup Behind Grok to Get $18 Billion Valuation. Will It Leapfrog OpenAI?

U_Today

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