Groq, a company founded by Jonathan Ross, has raised $640 million in Series D funding, increasing its valuation to $2.8 billion. The funding round was led by Cisco and aims to enhance Groq's capacity and accelerate the development of its next-generation Language Processing Unit (LPU). Groq is positioning itself as a competitor in the AI chip market, challenging established players like Nvidia and AMD. The company showcased its technology at the AI Engineer World's Fair in San Francisco, where Graham Steele highlighted its GPU-alternative LPUs.