Artificial intelligence has the ability to advance a wide range of technologies but AI research needs to be carefully monitored and communicated, according to Musk and several other AI experts, including Stephen Hawking.

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Elon Musk, the billionaire PayPal founder, has donated millions of dollars to ensure the machines dont get too big for their boots and turn against us.

The former SpaceX CEO announced yesterday that he is donating $10 million (6.5 million) to the Future of Life Institute (FLI) to help it run a global research programme aimed at keeping AI beneficial to humanity.

Earlier this week, the man behind the "wacky" Hyperloop transport concept signed an open letter warning against the dangers of uncontrolled development of AI. Other signatories included Stephen Hawking, one of the worlds greatest scientists, and the founders of Google-acquired AI startup, DeepMind.

Musk said: Here are all these leading AI researchers saying that AI safety is important. I agree with them, so Im today committing $10 million to support research aimed at keeping AI beneficial for humanity.

The funding will go towards AI research projects around the world that support the FLIs mission. Beyond scientific research, the money will also be used to fund research in areas likes economics, law, ethics and policy.

The Future of Life portal will open on Monday, allowing academic, industrial and individual researchers to apply for grants to the programme.

Last month Hawking told theBBC:"The development of full artificial intelligence could spell the end of the human race.

"It would take off on its own, and re-design itself at an ever increasing rate," he said."Humans, who are limited by slow biological evolution, couldn't compete, and would be superseded."

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Elon Musk aims to prevent rise of the machines as he backs AI research with 6.5m