Sources: Naveen Rao’s new AI hardware startup targets $5B valuation with backing from a16z 

Naveen Rao, a former executive at Databricks, is launching a new AI hardware startup that aims to challenge Nvidia's dominance in the market. The startup, which is currently unnamed, is seeking to raise $1 billion in funding with the backing of Andreessen Horowitz (a16z), a prominent venture capital firm. The startup's goal is to achieve a valuation of $5 billion, indicating its ambition to become a significant player in the AI hardware space. Rao's approach involves a novel strategy that differentiates the company from traditional chip manufacturers. The article notes that the startup is targeting a specific segment of the AI market, but does not provide further details on the company's product offerings or its competitive advantages. The funding round is still in the early stages, and the success of the venture will depend on Rao's ability to execute his vision and compete with established players like Nvidia.