AI chip startup Groq discusses $6 billion valuation, The Information reports
The company is seeking the cash to fulfill a recently inked deal with Saudi Arabia, the report said.
In February, Groq secured a $1.5 billion commitment from Saudi Arabia to expand the delivery of its advanced artificial intelligence chips to the country.
Groq has told investors that the contracts in Saudi Arabia will help the company bring in about $500 million in revenue this year, the report added.
Groq did not immediately respond to a Reuters request for comment.
In August last year, Groq raised $640 million in a Series D funding round led by Cisco Investments, Samsung Catalyst Fund and BlackRock Private Equity Partners, among others, which brought its valuation to $2.8 billion.
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