Etched Fields Receiving Funding Offers at $40B+ Valuation
AI chip startup Etched is reportedly receiving investment offers with valuations exceeding $40 billion, more than double its current valuation of $21 billion. These early-stage discussions include bids from top-tier and lesser-known investors ranging up to $50 billion. The company declined to comment but has shown rapid growth since raising $700 million in September 2023. Etched is developing full AI hardware systems powered by its proprietary chips, a costly yet promising segment of the industry that could challenge Nvidia’s dominance. Investors are drawn to Etched due to its early customer traction with Jane Street and claims of superior performance on inference tasks at lower costs than competitors. The startup has also attracted talent from Nvidia and built infrastructure in Silicon Valley and Taiwan. Etched's co-founders have a history of rapid valuation growth, having raised $300 million at a $10.3 billion valuation earlier this year before the latest round.
Topics: AI chip industry startups venture capital