Silicon Valley-based startup Groq has successfully raised $640 million in a Series D funding round, bringing its valuation to $2.8 billion. The funding, led by BlackRock Private Equity Partners and supported by notable investors such as Neuberger Berman, Cisco Investments, and Samsung Catalyst Fund, will enhance Groq's unique AI inference platform. With over 360,000 developers utilizing GroqCloud to build applications using generative AI models, the demand for the company's technology continues to rise. The newly secured funds will be allocated to scaling its tokens-as-a-service offerings, expanding product capabilities, and facilitating a hiring surge.
In conjunction with this funding round, Groq has appointed Stuart Pann as Chief Operating Officer, who aims to leverage the company’s technology and talent to improve inference deployment economics for developers. Additionally, Groq is collaborating with various organizations, including Aramco Digital, to establish AI computing centers globally. With plans to deploy over 108,000 language processing units by the end of Q1 2025, Groq is committed to meeting the increasing demand for its products and enabling developers to create advanced AI solutions.
