Saudi Arabia has emerged as a key investor in tech billionaire Elon Musk’s startup xAI. The startup recently announced its $6 billion Series B funding round which it will utilize to launch xAI’s first products in the market, build advanced infrastructure, and accelerate the research and development of future technologies.
In this series of funding, Saudi Arabia emerged as one of the key investors in xAI. In a blog post, the company recently revealed that Kingdom Holding and entrepreneur Prince Alwaleed Bin Talal among others were some of the company’s top investors. Other investors in Series B included Valor Equity Partners, Vy Capital, and Andreessen Horowitz. Sequoia Capital and Fidelity Management & Research Company were also among the key investors.
In 2022, Kingdom Holding and Prince Alwaleed maintained their $1.89 billion stake in social media platform X after Musk took over the company. This makes them jointly the second-largest investors in the platform.
In the blog post, xAI noted its significant strides over the past year including the release of Grok-1 on X in November. The company also recently announced updates to the Grok-1.5 model with long context capability. The company has also launched Grok-1.5V with image understanding and the open-source release of Grok-1. This has opened doors for advancements in various applications, optimizations and extensions of the model.
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“xAI will continue on this steep trajectory of progress over the coming months, with multiple exciting technology updates and products soon to be announced,” added the statement.
Hence, the company focuses on developing AI systems that are truthful, competent, and maximally beneficial for all of humanity.
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