Etched Doubles Valuation to $21 Billion After $700 Million Funding Round

Nvidia challenger Etched has raised $700 million at a valuation of $21 billion, more than doubling its previous valuation in just four weeks. The funding comes after the company's Series C round in July, which valued it at $10.3 billion.

Jane Street led the latest investment, with Kleiner Perkins, Sequoia Capital, Andreessen Horowitz, and Tiger Global also participating. This brings Etched's total fundraising to $1.9 billion since its founding.

Etched develops specialized chips for AI inference, a process where an already trained model processes requests and generates responses. The company claims its purpose-built systems can complete this work faster and at a lower cost than hardware designed for broader computing tasks.