AI chip startup Groq is reportedly close to securing $600 million in funding, potentially valuing the company at approximately $6 billion. This investment could support Groq's expansion and its focus on AI inference chips, which are designed to accelerate the execution of AI models.
The company's technology has attracted significant interest, with developers using GroqCloud to build AI applications. Groq specialises in producing AI inference chips and has adapted models such as Meta's LLaMA to run on its hardware. To meet the growing demand, Groq plans to deploy over 108,000 Language Processing Units by early 2025.
Groq has also expanded its global presence, including establishing its first European data centre in Helsinki. Past funding rounds include a $640 million Series D round. The company's valuation was $2.8 billion after the Series D funding.
