GRID K2 on Dell R720 not able to boot with crash screen

I am having very weird issue with GRID K2

When I install the card, I am unable to boot.

System looks like its getting booted but right before RAID controller initialize, the screen turns like this.

https://ip1.i.lithium.com/85962a601a16244821647597b8e6d7a45cb65773/68747470733a2f2f7777772e656576626c6f672e636f6d2f666f72756d2f696e6465782e7068703f616374696f6e3d646c6174746163683b746f7069633d31343934312e303b6174746163683d3834303435383b696d616765

System Model PowerEdge R720
BIOS Version 2.7.0
Firmware Version 2.65.65.65
CPU 2x E5-2620 v2
Power Dual 1100W

K2 BIOS 80.04.F5.00.03 and 80.04.F5.00.04
K2 PLX BIOS F0.47.1C.00.C0

I tested K2 on Dell T3610 which is confirmed working and able to detect from Linux system

nvflash shows following information from T3610

NVIDIA display adapters present in system:
<0> Quadro K2000 (10DE,0FFE,10DE,094C) H:–:NRM S:00,B:02,D:00,F:00
<1> PLX (8747h) (10B5,8747,10B5,8747) H:–:NRM S:00,B:03,D:00,F:00
<2> GRID K2 (10DE,11BF,10DE,100A) H:04:SP8 S:00,B:05,D:00,F:00
<3> GRID K2 (10DE,11BF,10DE,100A) H:04:SP16 S:00,B:06,D:00,F:00

Right now, I am not even able to go into BIOS setup because the system freezes at above screen shot.

When I checked in iDRAC, I do not see K2 is in Hardware list tabs

I also tried both Riser2 and Riser3 but both seems to have same issue.

Is there specific setting that I need to do in BIOS prior to install K2 into system?

Please help me why am I having such issue.

Thanks,