MIS invests $1M in xAI

Logo of Al Moammar Information Systems Co. (MIS)

Al Moammar Information Systems Co. (MIS) announced an investment of $1 million in an equity stake in artificial intelligence startup xAI.

In a statement to Tadawul, the company said this investment is part of xAI's Series B round at a pre-money valuation of $18 billion.

xAI is a startup working on building artificial intelligence (AI) to accelerate human scientific discoveries, the statement added.

According to data available on Argaam, MIS board of directors approved in January allocating SAR 40 million to establish a self-financed investment portfolio. The portfolio is to invest in international companies in the AI field, in order to tap the growth opportunities in this promising field.