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Groq Raises $640M To Meet Soaring Demand for Fast AI Inference - Groq

Aug 07, 2024 - news.bensbites.com
AI inference leader Groq has raised $640M in a Series D funding round, valuing the company at $2.8B. The round was led by BlackRock Private Equity Partners and saw participation from existing and new investors including Neuberger Berman, Type One Ventures, Cisco Investments, Global Brain’s KDDI Open Innovation Fund III, and Samsung Catalyst Fund. The funds will be used to deploy more than 100,000 additional LPUs into GroqCloud and to expand the company's talent pool.

Groq has also announced that Stuart Pann, a former senior executive from HP and Intel, has joined as Chief Operating Officer. Additionally, Yann LeCun, VP & Chief AI Scientist at Meta, has joined as a technical advisor. The company plans to use the funding to scale its tokens-as-a-service (TaaS) offering and add new models and features to GroqCloud. Groq aims to deploy over 108,000 LPUs manufactured by GlobalFoundries by the end of Q1 2025 to meet the increasing demand from developers and enterprises.

Key takeaways:

  • Groq, a leader in fast AI inference, has secured a $640M Series D round at a valuation of $2.8B, led by BlackRock Private Equity Partners and other investors.
  • The funding will enable Groq to deploy more than 100,000 additional LPUs into GroqCloud and expand its team.
  • Stuart Pann, formerly a senior executive from HP and Intel, has joined Groq's leadership team as Chief Operating Officer.
  • Groq plans to deploy over 108,000 LPUs by the end of Q1 2025, the largest AI inference compute deployment of any non-hyperscaler.
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