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.

System Model PowerEdge R720
BIOS Version 2.7.0
Firmware Version
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.