AI Chip Startup Groq Secures $1.5 Billion Investment From Saudi Arabia

by THEFUTURE.TEAM

February 11, 2025

Groq, a U.S.-based AI semiconductor startup, has secured a $1.5 billion commitment from Saudi Arabia to expand its advanced AI chip delivery in the country. The startup, founded by a former Alphabet AI chip engineer, specializes in AI inference chips that optimize speed and execute commands for pre-trained models.

Groq already has a partnership with Aramco Digital, the tech arm of oil giant Aramco, through which they developed a key AI hub in the region in December. The investment will fund the expansion of Groq’s data center in Dammam, with the startup having obtained the necessary licenses to export its chips despite U.S. export controls.

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The announcement was made at Saudi Arabia’s LEAP 2025 event, where the country also secured $14.9 billion in AI investments. One of the technologies supported by the Dammam Center is Allam, an AI language model developed by the Saudi government that operates in both Arabic and English.

In August, Groq raised $640 million in a funding round led by Cisco, Samsung, and BlackRock, bringing its valuation to $2.8 billion.

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Cyprus Introduces Performance-Based Funding For Public Research

by THEFUTURE.TEAM

July 24, 2026

Cyprus is introducing a new performance-based funding model for publicly financed research organizations, linking state support to measurable results for the first time.

A New Framework For Research Funding

Approved by the Cabinet on Wednesday, the new mechanism establishes a more structured framework for funding public research organizations. Deputy Minister of Research, Innovation and Digital Policy Nikodimos Damianos said the system is expected to take effect in early 2027.

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First Phase Targets Centres Of Excellence

The first phase will cover Centres of Excellence co-financed through the Horizon Europe Teaming for Excellence programme with national and European funding.

According to Damianos, the objective is to preserve and further develop the research infrastructure, expertise and capabilities built in recent years, while supporting their transition into sustainable, long-term institutions under a formal funding framework.

Funding Tied To Performance Indicators

Under the new model, funding will be linked to performance against predefined indicators and targets. Organizations will be assessed across 18 indicators grouped into six areas: the research environment, internationalisation, scientific excellence, research performance, knowledge transfer and socio-economic impact.

Performance will be evaluated annually, while funding allocations will be reviewed every three years. The framework also introduces fiscal safeguards, including funding caps, assessments of each organisation’s actual financial needs and consideration of any other institutional state funding already received.

Positioning Research As A Strategic Public Investment

Damianos said the reform lays the groundwork for a new model of institutional support for research and innovation, aimed at strengthening scientific excellence and competitiveness while ensuring the transparent and efficient use of public funds.

He added that the framework is intended to support long-term benefits for both the Cypriot economy and society.

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