Jane Street-backed AI chip startup Etched stated on Aug. 18 that it more than doubled its valuation in less than a month to $21 billion after raising $700 million.
The Series D funding round was led by Jane Street and included Sequoia Capital, Andreessen Horowitz, Kleiner Perkins, Blackstone, Peter Thiel, and others. Etched was valued at $10.3 billion in July after its Series C.
Founded in 2022 and with a team of more than 400 engineers, the company co-designs inference chips that help AI models run more quickly and efficiently.
In its press release, it said it’s focused on using its more efficient inference to scale frontier models. It said less than 1 percent of the world has access to these models currently….