Groq, a startup specializing in AI-focused chips, has raised $640 million in Series D funding at a valuation of $2.8 billion. The funding round was led by BlackRock funds, signalling strong investor interest in AI infrastructure.
With the AI race intensifying, investors and customers seek innovative infrastructure solutions. Groq's chips, known as "language processing units" (LPUs), claim to be faster and one-tenth the cost of conventional graphics processing units (GPUs) typically used for training AI models. These chips are designed for "inference," which involves running AI models—a crucial function as AI companies roll out products for users and customers.
Groq has recently shifted its focus to selling access to its cloud services for AI developers rather than selling its chips directly to customers. "We found it hard to sell hardware because you couldn't viscerally experience it," Groq founder and CEO Jonathan Ross said. He added that companies want something they can trust and believe in. The company's cloud service has grown significantly, with 350,000 developers now using it.
Groq plans to have over 100,000 chips deployed by the end of the first quarter of next year and aims for 1.5 million chips by the end of 2025. The company hopes the new funding will help it achieve the scale needed to break even on its chips within two years. Other participants in the funding round included Neuberger Berman, Type One Ventures, Cisco, KDDI, and Samsung Catalyst Fund.
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