Elon Musk's xAI announced it raised $6B on Monday.
The LLM developer's potential to draw on datasets across Musk's businesses like Tesla and X helped drive interest in the round, as highlighted by CBI's funding insights.
It's part of a string of massive AI rounds this month, including:
Wayve (autonomous vehicles) — $1.05B Series C
Scale (data infrastructure) — $1B Series F at a $13.8B valuation
DeepL (translation) — $300M Series B at a $2B valuation
Suno (music creation) — $125M at a $500M valuation
Mega-rounds ($100M+ deals) bolstered AI funding totals in the first quarter. See more in our State of AI Report.
Not: Cue Health
At-home diagnostic test provider Cue Health recently announced that it's shuttering operations.
Its financial data reveals that this outcome was probably a long time coming.
Thanks to its Covid test offering, the company grew rapidly amid the pandemic — raising a $235M Series D in May 2021 and IPOing just 4 months later.
And as demand for Covid tests fell, the company communicated on earnings calls that it was pushing to diversify its test menu.
However, its revenue evaporated as Covid test sales dropped and its efforts to expand failed to pan out in the way it hoped, resulting in negative net income for 2022 and 2023.
P.S. Insurtech 50 applications are open — and you have until July 11 to share yours with us. If you know one of the most promising insurtech startups in the world, tell us about it here.
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