This Week’s Top Deals, Major Investments in AI, IT, Web3, and Crypto (27-31.05)
In Brief
Elon Musk’s xAI secured $60 million from ARK Invest, the University of Austin established a Bitcoin-supported endowment, Zhipu AI received investment from Prosperity7, and Zentry raised significant cash.
Amidst a week full of noteworthy investment activity, Elon Musk’s xAI secured $60 million from ARK Invest. Furthermore, in an effort to incorporate Bitcoin into educational finance frameworks, the University of Austin established an endowment supported by Bitcoin in collaboration with Unchained. While Chinese AI startup Zhipu AI got an investment from Prosperity7, representing Saudi Arabia’s strategic drive into the AI business under tightened US export rules, Web3 gaming firm Zentry raised huge cash to create its Metagame Layer.
Elon Musk’s AI Business, Xai, Has Received $60 Million From Ark Invest, Which is Headed by Cathie Wood
The investment accounts for around 2% of the fund’s holdings. When paired with Musk’s emphasis on rapidity, xAI stands out from other AI investments thanks to its access to X’s distribution and real-time data. Advertisers may now specify target audiences while X’s AI creates suitable user pools thanks to the introduction of AI-curated audiences by X.
Initially, ARK Invest revealed that 5% of its interests are in Anthropic and 4% are in OpenAI. Musk’s most recent project, xAI, was introduced in March 2023 and is aimed at competitors like OpenAI, Google, and Microsoft in the AI space. In a Series B fundraising round, it raised $6 billion, bringing its worth up to over $24 billion.
The University of Austin (Uatx) and Unchained Have Teamed Up to Launch the First Long-term Endowment Fund
The $5 million that the fund hopes to raise will be invested in Bitcoin for a minimum of five years. The project intends to investigate different financial methods and incorporate Bitcoin into educational institutions. Other colleges and universities will follow UATX’s lead and investigate different, maybe more robust, finance structures.
The investment fund will be safely stored in a joint custody vault provided by Unchained. Through collaborative marketing initiatives, events, guest lectures, and debates, the program will promote community participation while educating the public about the advantages of Bitcoin and its potential to transform the financial and educational landscape. University endowments serve as independent sources of income for academic institutions and are made up of cash or other financial assets that contribute to them.
Zentry Has Raised Money to Develop Its Metagame Layer With the Goal of Bringing Players From Different Platforms Together
With more than 16,000 ETH in its treasury, Zentry now has over $150 million, putting the firm in a strong position to progress the Metagame Layer’s development for upcoming web3 gaming and social experiences. The collaboration between Spartan Capital, Synergis, and LongHash, according to Jarindr Thitadilaka, will be essential in tying people’s online and offline activities to Web3’s financial incentive layers.
Prosperity7 Invested $400 Million in Zhipu AI, a Chinese AI Start-up
The investment indicates Saudi Arabia’s readiness to fund an ecosystem that can prevent US hegemony in the field of artificial intelligence. The US has tightened export regulations on high-end semiconductors required to train and operate AI models, and it has imposed a ban on certain US investments in China’s artificial intelligence business. The Saudis don’t want Silicon Valley to dominate this field. The most recent investment is part of a larger partnership between Chinese technology companies and Saudi state investors looking for new markets and funding sources.
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About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
