A gaggle of traders will put up $6 billion to fund growth of synthetic intelligence by Elon Musk’s xAI.

The corporate mentioned on its web site Sunday that the Sequence B funding spherical might be used to take xAI’s first merchandise to market and pace up analysis. xAI mentioned it has made “important strides” in the course of the previous yr in growing the expertise, which can proceed within the coming months.

Traders within the newest spherical embody Andreessen Horowitz, Sequoia Capital, Constancy Administration & Analysis, Valor Fairness Companions, Vy Capital, Saudi Prince Alwaleed Bin Talal and Kingdom Holding.

Musk wrote on the social media website X that earlier than the funding, xAI had a valuation of $18 billion. The brand new funding ought to assist Musk’s firm compete towards Microsoft and OpenAI, creator of ChatGPT, within the race to develop synthetic intelligence.

Individually, Tesla shareholders have been urged to reject Musk’s $56 billion pay package deal by proxy advisory agency Glass Lewis, which in a Saturday report singled out the “extreme dimension” of the deal and its doubtlessly adverse influence on smaller shareholders . 

The advice from the influential proxy advisory firm comes as Tesla is asking its shareholders to vote once more on his 2018 pay package deal after a Delaware decide earlier this yr nullified the payout, which was the largest compensation plan in company America. 

Tesla shareholders are set to vote on the pay package deal on June 13. 

Glass Lewis additionally singled out Musk’s “slate of terribly time-consuming initiatives unrelated to [Tesla]” in its advice to vote towards the pay deal. Along with his position as Tesla’s CEO, Musk can be concerned in xAi, SpaceX, the Boring Firm, Neuralink and X, the previous Twitter.

Musk introduced the formation of xAI in July of final yr. The corporate launched its synthetic intelligence chatbot, Grok, in November.