Groq more than doubles valuation to $6.9 billion as investors bet on AI chips

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Chip startup Groq said on Wednesday it has raised $750 million, more than doubling its valuation to $6.9 billion in just over a year as Wall Street bets big on the hardware that powers artificial intelligence technology.

Groq, founded by a former Alphabet engineer, is among a long list of new chip players looking to capitalise on hundreds of millions of dollars in investments on AI infrastructure.

Its last funding round was in August last year, when it raised $640 million that brought its valuation to $2.8 billion.

The round announced on Wednesday was…



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Groq more than doubles valuation to $6.9 billion as investors bet on AI chips



Chip startup Groq said on Wednesday it has raised $750 million, more than doubling its valuation to $6.9 billion in just over a year as Wall Street bets big on the hardware that powers artificial intelligence technology.

Groq, founded by a former Alphabet engineer, is among a long list of new chip players looking to capitalise on hundreds of millions of dollars in investments on AI infrastructure.

Its last funding round was in August last year, when it raised $640 million that brought its valuation to $2.8 billion.

The round announced on Wednesday was…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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