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xAI, Musk’s Startup, Eyes $1B Funding

This marks the first publicly known fundraising round for Musk’s AI startup…reports Asian Lite News

Elon Musk’s artificial intelligence venture, xAI, has recently disclosed its intention to secure up to a billion dollars in funding, as indicated in a filing with the Securities and Exchange Commission, Fox Business reported.

The filing on Tuesday by X.AI Corp (dba xAI) outlined a plan to raise USD 1 billion in an equity offering, with more than USD 134 million already successfully raised. The document revealed that the company had entered into a binding agreement for the sale and purchase of the remaining USD 865 million.

Responding to a post by Gene Munster of Deepwater Asset Management on the financing, Elon Musk clarified on Wednesday, saying, “We are not raising money right now.” Munster’s post suggested that Musk’s fundraising efforts were aimed at competing with OpenAI and Anthropic.

According to a source cited by the New York Post, xAI is “raising money at a valuation that will likely be between $4 billion and $10 billion,” adding that the revelation is the first known fundraising round for Musk’s start-up.

This marks the first publicly known fundraising round for Musk’s AI startup, according to Fox Business.

Govt goes bullish on startups with ESOP holiday, tax relief.

The filing follows Musk’s announcement a month ago that xAI’s “Grok” chatbot, designed to rival OpenAI’s ChatGPT and Google’s Bard, had entered the beta testing phase.

Musk, who co-founded OpenAI in 2015 and resigned from its board in 2018, launched xAI to compete with ChatGPT and other major players in the AI domain. He has been outspoken about his concerns regarding what he perceives as censorship in Big Tech firms’ AI initiatives and has expressed his intent to develop a truth-seeking AI that seeks to understand the universe.

Since its inception in July, xAI has attracted talent from notable AI research firms such as Google’s DeepMind unit and Microsoft.

Musk, also the CEO of Tesla and the proprietor of the X social media platform, clarified that xAI and the X social media platform are distinct entities, despite working closely together. xAI is actively collaborating with Tesla in addition to its interaction with the X social media platform, Fox Business reported. (ANI)

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xAI to use public tweets for AI model training

Musk has criticized other AI companies accusing them of developing the technology without considering risks to humans….reports Asian Lite News

Elon Musk said his new artificial intelligence company, xAI, will use public tweets from Twitter to train its AI models and work with Tesla on AI software.

The billionaire, who owns Twitter and runs Tesla, said during a Twitter Spaces audio chat that a relationship between his companies would have “mutual benefit” and could accelerate Tesla’s work in self-driving capabilities.

Musk has criticized other AI companies accusing them of developing the technology without considering risks to humans.

Musk said xAI’s goals were to increase “understanding of the universe” and to provide an alternative to Microsoft, Google and OpenAI in achieving artificial general intelligence (AGI), which refers to AI that can solve problems like a human.

He also accused all AI companies of training their models using Twitter data in what he characterized as an illegal manner.

Musk, who has advocated for regulations in AI, said he has pushed for meetings with White House officials and has emphasized the importance of regulating AI in his recent meetings with top government officials in China.

The name of his latest venture plays into all sorts of Elon tropes, from using the letter X to announcing it on a date that adds up to 42, the number that “Hitchhiker’s Guide to the Galaxy” author Douglas Adams cryptically offered as the single answer to the meaning of life.

But set aside the usual Musk eccentricities and it looks like he could make life difficult for Google in the battle to develop cutting-edge AI.

Musk’s description of the AI challenge might sound familiar to the team at DeepMind, the artificial intelligence lab that Google bought in 2015. DeepMind’s founder Demis Hassabis was the first AI entrepreneur to openly state that he wanted to build artificial general intelligence (AGI) back when he co-founded DeepMind in London in 2010, and he has consistently described his motives in abstract, even philosophical terms.  His Twitter bio today still reads, “Working on AGI. Trying to understand the fundamental nature of reality.”

AGI was an odd thing to aim for 12 years ago. But Hassabis has stayed true to the goal, saying from the beginning that DeepMind wanted to “solve intelligence, and use that to solve everything else.” That doesn’t mean focusing only on practical problems in areas like drug discovery but addressing more abstract ones too.

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