Saudi tech firm Al-Moammar Information Systems Co. plans to invest $1 million to acquire a share in Elon Musk’s AI company, xAI Corp., according to a Saudi Exchange announcement.
The investment is part of xAI’s Series B funding round, valuing the company at $18 billion before the investment.
The startup is focused on developing AI aimed to accelerate human scientific discoveries.
MIS’s board of directors approved spending SR40 million ($10.6 million) to start investing in global AI companies. They’re using their own funds to seize opportunities in this growing sector.
MIS recognizes the transformative potential of AI, particularly in exped
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