AI chip startup Etched raises $300 million at $10.3 billion valuation
NVDA•Use of proceeds and company expansion
- The funding round was led by Sequoia, with participation from Andreessen Horowitz, Jane Street, Diffusion and SK Hynix.
- Etched said the financing represents the highest valuation ever for a Sequoia-led Series C.
- The company will use the proceeds to expand production and customer deployments.
- It recently opened an 80,000-square-foot facility near its San Jose, California headquarters to expand production and prototyping.
- Etched said demand for its AI inference systems continues to outpace supply as customers move from evaluation to deployment.
- The company said it has about 400 employees, and is rapidly expanding.
Etched raises $300 million in Series C
July 23 (Reuters) - Sequoia-backed Etched said on Thursday it raised $300 million in a Series C funding round that valued the AI chip company at $10.3 billion.
Etched is among a growing number of startups seeking to challenge Nvidia's dominance in AI chips by developing hardware for inference, the process of running artificial intelligence models.
