Groq raises $350M at $3.5B valuation to expand neocloud business

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AI company Groq has secured $350 million in fresh funding, valuing the firm at $3.5 billion. The company, originally known for designing AI chips, is shifting its strategic focus toward becoming a neocloud provider. As part of this transition, Groq plans to expand its data center infrastructure powered by Nvidia hardware. The funding will support this pivot away from chip manufacturing toward cloud computing services.

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