AI Chip Startup Groq Raises $640M in Series D, Valued at $2.8B

Aug 5, 2024, 11:07 AM

AI chip startup Groq has raised $640 million in a Series D funding round led by BlackRock, Cisco Investments, and Samsung Catalyst Fund. This latest round values Groq at $2.8 billion, a significant increase from its $1 billion valuation after raising $300 million in 2021. The company, which aims to develop chips to run generative AI models faster than conventional processors, is positioning itself to challenge industry giant Nvidia. Additionally, Groq has added an Intel executive as COO to bolster its leadership team. The funding, announced on Monday, will help Groq expand its capacity.