Andreessen Horowitz · Wall Street · TechCrunch AI
AI chip company Etched defies skeptics, hits $10.3 billion valuation from big-name investors
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Etched, the AI chip startup founded by three Harvard dropouts in 2022, has closed a $300 million Series C funding round at a $10.3 billion valuation, co-founder and COO Robert Wachen tells TechCrunch.
Key facts
- Etched, the AI chip startup founded by three Harvard dropouts in 2022, has closed a $300 million Series C funding round at a $10.3 billion valuation, co-founder and COO Robert Wachen tells TechCrunch
- Etched was previously valued at $5 billion in December when it raised a $500 million round, meaning it has doubled its valuation in about seven months
- Today, there are 400 people bustling in an office, and Etched operates a 2 megawatt data center
- The round was led by Sequoia, with Andreessen Horowitz, SK Hynix, Jane Street, and Diffusion Capital also participating, along with other, earlier investors
Summary
The round was led by Sequoia, with Andreessen Horowitz, SK Hynix, Jane Street, and Diffusion Capital also participating, along with other, earlier investors. Etched was previously valued at $5 billion in December when it raised a $500 million round, meaning it has doubled its valuation in about seven months. Etched launched at a time when the idea of building a chip specifically for AI models based on transformer technology (the architecture behind most modern AI systems, including ChatGPT and Claude) was considered wild if not wacky. That’s not the case, Wachen explains.