San Francisco, May 27 (AP) A group of investors will put up USD 6 billion to fund development of artificial intelligence by Elon Musk's xAI.

The company said on its website Sunday that the Series B funding round will be used to take xAI's first products to market and speed up research.

Also Read | Mara Naaman Resigns: Teacher at Dalton School Tenders Resignation After Being Accused of Sexually Abusing Student.

xAI said it has made “significant strides” during the past year in developing the technology, which will continue in the coming months.

Investors in the latest round include Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research, Valor Equity Partners, Vy Capital, Saudi Prince Alwaleed Bin Talal and Kingdom Holding.

Also Read | North Korea Plans To Launch Rocket Soon, Likely Carrying Its Second Military Spy Satellite.

Musk wrote on the social media site X that before the investment, xAI had a valuation of USD 18 billion.

The funding should help Musk's company compete in a race to develop artificial intelligence against Microsoft and Open AI, which created Chat GPT.

Musk announced formation of the company in July of last year and released its artificial intelligence chatbot called Grok in November. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)