AI chip startup Groq valued at $2.8 billion after latest funding round
The Hindu
AI chip startup Groq has been pegged at a valuation of $2.8 billion after their latest funding round led by BlackRock, Cisco Investments and Samsung Catalyst Fund.
Semiconductor startup Groq said on Monday it has raised $640 million in a Series D funding round led by Cisco Investments, Samsung Catalyst Fund and BlackRock Private Equity Partners, among others, bringing its valuation to $2.8 billion.
The Silicon Valley firm, founded by a former Alphabet engineer, specializes in producing AI inference chips - a type of semiconductor that optimizes speed and executes commands of pre-trained models.
Besides big firms such as Advanced Micro Devices, many startups including Groq have been trying to nibble away at Nvidia's dominant position in the booming AI chip industry.
Last year, Groq adapted Meta Platforms' large language model, LLaMA, to be able to run on its own chips rather than those of Nvidia's. Meta researchers built LLaMA using Nvidia's chips.
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Cloud service providers racing to develop their own AI products are also seeking alternatives to Nvidia's top-of-the-line processors due to high demand but limited supply.
In 2021, Groq was valued at $1.1 billion after a funding from Tiger Global Management and D1 Capital.
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