Artificial intelligence firm and OurCrowd portfolio company Groq has received a $1.5 billion commitment from the Kingdom of Saudi Arabia.
According to the offering page, Groq is an energy-efficient, high-performance AI provider. Founded in 2016 by former Googlers, Groq aims to:
“…revolutionize the AI industry by offering cutting-edge inference services that leverage its proprietary Application Specific Integrated Circuits (ASIC) architecture, starting with its new type of processor called a Language Processing Unit (LPU) to deliver unparalleled performance and efficiency.”
The service is currently in use by more than 450,000 customers, including the US government.
In the offering on OurCrowd, which is closed, Groq raised over $6 million.
Groq received the commitment from Saudi Arabia along with an intent to help advance the country’s AI infrastructure. Groq is said to have built the region’s largest inference cluster in December 2024, which was brought online in just eight days.
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