Kingdom Holding participates in Musk’s xAI $6 billion Series B round

Kingdom Holding participates in Musk’s xAI $6 billion Series B round

Saudi Arabia’s Kingdom Holding, owned by Saudi billionaire Prince Alwaleed bin Talal, has taken part in the $6 billion Series B round of Elon Musk's artificial intelligence startup “xAI”, at a valuation of $24 billion. 

The round, which also saw investments from Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital and Fidelity Management & Research Company, will support the market launch of xAI's products to challenge rival OpenAI.

Musk launched xAI in July last year amid the growing demand for generative AI to compete with dominant market player OpenAI, which is backed by Microsoft, with about $13 billion in investment.

Kingdom Holding, founded in 1996, already holds a substantial investment position in Musk’s platform “X”.

Source: The National

Elon Musk's artificial intelligence start-up xAI has raised $6 billion in a series B funding round that includes participation from Saudi billionaire Prince Alwaleed bin Talal and his investment company Kingdom Holding, as it seeks to challenge rival OpenAI.

The round, which also saw investments from Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital and Fidelity Management & Research Company, will support the market launch of xAI's products, the company said on Monday.

“The funds from the round will be used to take xAI’s first products to