Ilon Musk's company xAI has acquired an AI-driven video generation startup
Ilon Musk's company xAI has acquired Hotshot, a startup specialising in developing tools for generating videos using artificial intelligence. This was announced by Hotshot's CEO, Aakash Sastry, in his profile on X.
Here's What We Know
Hotshot, founded by Aakash Sastry and John Mullan, initially focused on creating photo editing tools, but later focused on developing text-to-video conversion models. Their accomplishments include three models, Hotshot-XL, Hotshot Act One, and Hotshot.
The acquisition of Hotshot may signal xAI's intention to compete with companies like OpenAI and Google in video generation. Musk has previously hinted at developing a Grok Video model for its Grok chatbot platform, which he says will be unveiled in the coming months.
It's unclear at this point whether the entire Hotshot team will join xAI. Sastry declined to comment on the matter.
Source: @aakashsastry, TechCrunch
