Naveen Rao's New AI Hardware Startup Raising $1B with Backing From A16z, Targeting $5B Valuation

Deal Summary

Naveen Rao, former Databricks AI chief, is raising $1 billion to build an AI hardware company aimed at competing with Nvidia, with backing from Andreessen Horowitz (a16z). The startup is targeting a $5 billion valuation in the raise and plans to pursue a novel approach to AI chips.