AI chip startup Groq is close to raising $600 million in a new funding round at about $6 billion valuation, the Bloomberg reported.

The funding round will be led by Austin-based firm Disruptive.

The deal isn't final and its terms could change, the report said.

Prior to this funding round, Groq had raised  $640 million in August last year led by Blackrock. The investment also saw participation from Neuberger Berman, Type One Ventures, Cisco, KDDI and Samsung Catalyst Fund.

Groq, which was founded in 2016 by a group of former Google engineers, including Jonathan Ross and Douglas Wightman, competes with bigger rival Nvidia as well as Amazon, Google and Microsoft.