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AI chip startup Groq valued at $2.8 billion

Skærmbillede 2024-08-05 162949
Translate from : AI-chip startup Groq værdsat til $2,8 mia.
Semiconductor startup Groq has raised DKK 640 million. USD in Series D funding, bringing the company's value to 2.8 billion. USD. Groq specializes in AI inference chips and challenges Nvidia's dominance in the market.
By Maria
6 aug. 2024 06:00 am
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Silicon Valley-based semiconductor startup Groq announced Monday that it has raised $640 million in a Series D funding round led by Cisco Investments, Samsung Catalyst Fund and BlackRock Private Equity Partners. This brings the company's valuation to $2.8 billion.

Groq, founded by a former engineer at Alphabet, specializes in producing AI inference chips - a type of semiconductor that optimizes speed and executes commands from pre-trained models. Like many other startups, including Groq, they are trying to take a share of Nvidia's dominant position in the booming AI chip industry.

Last year, Groq adapted Meta Platforms' major language model, LLaMA, to run on their own chips instead of Nvidia's. Meta researchers built LLaMA using Nvidia's chips. Cloud service providers struggling to develop their own AI products are also looking for alternatives to Nvidia's top-of-the-line processors due to high demand and limited supply.

" Groq will use the funding to scale the capabilities of its tokens-as-a-service (TaaS) offering and add new models and features to GroqCloud," the company said of the latest round of funding. Groq will deploy more than 108,000 Language Processing Units, manufactured by Global Foundries, by the end of the first quarter of 2025.

Groq has also announced the appointment of Stuart Pann, a former executive at Intel and HP Inc, as the company's Chief Operating Officer, while Meta's Chief AI Scientist Yann LeCun has been appointed as a technical advisor.

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