AI Chip Startup Groq Gets $2.8 Billion Valuation in New Funding Round
Cisco and Samsung invested in the $640 million deal
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Artificial intelligence startup Groq Inc. has raised $640 million in new funding, underscoring investor enthusiasm for innovation in chips for AI systems.
The startup designs semiconductors and software to optimize the performance of AI tasks, aiming to help alleviate the huge bottleneck of demand for AI computing power. It was valued at $2.8 billion in the deal, which was led by BlackRock Inc. funds and included backing from the investment arms of Cisco Systems Inc. and Samsung Electronics Co.