AI chip startup Etched doubles valuation to $21 billion in under a month
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
Aug 18 : Jane Street-backed Etched said on Tuesday its valuation more than doubled in less than a month to $21 billion, as investors bet on growing demand for specialized chips used to run artificial intelligence models.
The San Jose, California-based company raised $700 million, with trading firm Jane Street continuing its backing by leading the round, joined by Kleiner Perkins, Sequoia, Andreessen Horowitz and Tiger Global, among others.
The funding highlights growing investor interest in the infrastructure needed to run AI models, particularly as demand surges for inference — the process of using trained AI models to generate responses.
Etched builds specialized AI inference systems designed to make models faster and cheaper to run, joining a growing group of startups seeking to challenge Nvidia’s dominance in the AI chip market.
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
“Inference is becoming one of the most important infrastructure markets in AI, and the winners will be measured by tokens per dollar and per watt,” said Kleiner Perkins Managing Partner Mamoon Hamid.
Etched, with more than 400 employees and a working chip, was valued at $10.3 billion in a Series C round in July.
Jane Street is also Etched’s first customer and received its first rack last month, with the trading firm now deploying the technology in its workloads.
Etched said it has secured more than $1 billion in customer contracts across public and private AI companies as well as cloud providers. The company has raised $1.9 billion to date.
Source: Reuters
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
About The Author
