Elon Musk’s xAI Record $6 Billion in Series B Funding
Takeaway Points
- Elon Musk’s xAI Record $6 Billion in Series B Funding
- xAI said that its technology updates and products will soon be announced.
- Andreessen Horowitz (aka a16z) is a venture capital firm that backs bold entrepreneurs building the future through technology.
How Much is xAI Series B Fund Rounding?
Elon Musk’s xAI, in a blog post on Sunday, announced that it has record $6 billion in its Series B funding round. xAI went further to list out the Series B funding round by key investors, including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal, and Kingdom Holding, amongst others.
“xAI has made significant strides over the past year. From the announcement of the company in July 2023, to the release of Grok-1 on X in November, to the recent announcements of the improved Grok-1.5 model with long context capability, to Grok-1.5V with image understanding, xAI’s model capabilities have improved rapidly. With the open-source release of Grok-1, xAI has opened doors for advancements in various applications, optimizations, and extensions of the model. xAI will continue on this steep trajectory of progress over the coming months, with multiple exciting technology updates and products soon to be announced. The funds from the round will be used to take xAI’s first products to market, build advanced infrastructure, and accelerate the research and development of future technologies,” xAI said.
xAI said it is hiring for many roles and seeks talented individuals ready to join a small team focused on making a meaningful impact on the future of humanity.
About a16z
Andreessen Horowitz (aka a16z) is a venture capital firm that backs bold entrepreneurs building the future through technology. We are stage-agnostic. We invest in seed to venture to growth-stage technology companies, across AI, bio + healthcare, consumer, crypto, enterprise, fintech, games, infrastructure, and companies building toward American dynamism. a16z has $42B in assets under management across multiple funds, Andreessen said.
About Fidelity Management & Research Company
Fidelity Management and Research Company is headquartered in Boston and helps their customers and clients plan and achieve their most important financial goals by delivering innovative products and services through intuitive digital experiences.
According to Fidelity, it has helped over 50 million individuals feel confident in their most important financial goals, manage employee benefit programs that help over 27,500 businesses support their employees’ total well-being, and support more than 16,000 wealth management firms and institutions with innovative investment and technology solutions to grow their businesses.
The company said it has more than 75,000 associates working tirelessly to meet the needs of our customers, and its global presence spans 11 countries across North America, Europe, Asia, and Australia. Fidelity serves its customers through 215 Investor Centers in the U.S. and 14 regional sites across the globe, including India and Ireland.
On April 16, 2024, Fidelity announced that it had been named a LinkedIn Top Company for 2024. The annual list, which aims to help professionals identify the top workplaces to grow their careers, examines data across a variety of career pillars like advancement and skill growth.
