Startup Groq Inc., which operates in the artificial intelligence industry, raised investment funds for $640 million.
The mentioned result of the specified company is evidence that there is an interest among investors in innovations in the area of manufacturing chips for machine intelligence systems.
Groq specializes in the development of semiconductors and software to optimize the performance of artificial intelligence tasks. These products are designed to reduce the huge demand for computing power of machine intelligence.
As part of the deal, led by BlackRock Inc. funds and included investment units Cisco Systems Inc. and Samsung Electronics Co., the startup was valued at $2.8 billion.
The Series D funding round has almost tripled the value of Groq, based in Mountain View, California. In 2021, the corresponding figure reached $1 billion.
Groq is entering the market for new semiconductors that run artificial intelligence software. The startup sees companies such as Intel Corp., Advanced Micro Devices Inc., and Nvidia Corp. as its competitors.
Chief Executive Officer Groq Jonathan Ross, during a conversation with media representatives, said that the startup intends to spend the received investment funds to build about 108,000 language processing units. The company also plans to use part of the money to increase the number of employees. Moreover, the startup intends to consider the possibility of some acquisitions.
Former Intel executive Stuart Pann is joining the company to serve as its chief operating officer.
As we have reported earlier, AI Startup Cohere Reaches $5.5 Billion Value.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
