Groq AI, a buzzy startup fighting to compete with AI chip supplier Nvidia, is set to raise hundreds of millions of dollars in a new funding round, The Post has learned.– is aiming to raise $300 million in the Series D preferred stock round at a post-money valuation of $2.5 billion, according to a document obtained by The Post.
Groq hired Morgan Stanley to assist the fundraising effort. The round is expected to be finalized in early July. Terms have yet to be finalized and are subject to change.“We are not commenting on funding at this time,” a Groq spokesperson said. A BlackRock spokesperson also declined to comment. Prior to the upcoming round, Groq had raised about $367 million from outside investors to date. In 2021, the firm closed a $300 million funding round at a $1.1 billion valuation.
Multiple outlets reported that Palihapitiya had fired the executives for setting up a special purpose vehicle to invest in Groq – apparently without his knowledge.
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