Friday, June 21, 2024
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Saudi Technology Firm MIS Invests $1 Million in Elon Musk’s AI venture, xAI Corp.

According to Al-Ekhbairya, Saudi technology firm Al-Moammar Information Systems Co. intends to invest $1 million in a controlling stake in Elon Musk’s artificial intelligence company, xAI Corp. The Saudi company stated that this investment is part of xAI’s Series B funding round, which has a pre-money valuation of $18 billion.

Musk’s xAI, according to its website, is focused on developing artificial intelligence to accelerate human scientific discovery. We are guided by our mission to advance our collective understanding of the universe,” according to it.

Under the title “Understand the Universe,” Musk, CEO of Tesla and SpaceX, aims to advance the sector following the introduction of major initiatives such as AlphaStar, AlphaCode and Inception as well as Minerva, GPT-3.5, and GPT-4. Furthermore, MIS has earned the Cisco Master Security Specialization in Saudi Arabia, demonstrating its ability to provide advanced, value-added Cisco solutions through its extensive sales expertise, technical skills, and service offerings.

The tech firm, launched in July 2023 to rival existing AI models, works closely with X Corp to deliver its technology to over 500 million users of the X app, formerly Twitter.  Saudi Arabia continues to invest in the tech sector, aiming for sustainable global development by playing a pivotal role in AI.

Also Read:

Mena Spending on open-Source Cloud Services is expected to Grow by nearly a Fifth in 2024. 

Emirates Developers Bank Unveiled the Funding deals Worth Dh362 Million.

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Friday, June 21, 2024

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