Etched Raises $300M, Valued at $10.3B

AI chip startup Etched has raised $300 million in a Sequoia-led Series C round, more than doubling its valuation to $10.3 billion since December. SK Hynix, Andreessen Horowitz, Jane Street and Diffusion also participated. Unlike Nvidia GPUs, Etched's chip is optimized solely for AI inference, using technologies called LVI and Cluster Scale Memory to run at higher clock frequencies and improve memory efficiency. The company plans to begin shipping its first racks this summer from a new 80,000 square-foot facility near its San Jose headquarters.