AI chip startup Groq plans to raise money next quarter.
The company told Axios that it planned a fresh round as it gears up to meet an ambitious target of shipping 1.5 million of its language processing unit (LPU) chips by the end of 2025.
Groq has currently deployed around 4,500 chips.
The startup has raised $367 million to date, including a $300m round led by Tiger Global and D1 Capital in 2021 that valued the business at $1bn.
It is also at the center of a dispute at venture capital firm Social Capital, where head Chamath Palihapitiya this week fired two partners that formed a special purpose vehicle to invest in the company.
Earlier this month, Groq acquired Definitive Intelligence to expand its newly-launched cloud business. It also plans to sell its chips directly.
Groq was co-founded in 2016 by Jonathan Ross, who previously helped lead Google's Tensor Processing Unit development. The company's LPUs are focused on machine learning inference, and do not support training workloads.
