Jane Street-backed Etched doubles valuation to $21 billion in under a month
This digest was compiled by AI from multiple sources — links to the originals are below.
San Jose-based Etched raises $700 million on Tuesday, more than doubling its valuation to $21 billion in under a month. Jane Street leads the round, joined by Kleiner Perkins, Sequoia, Andreessen Horowitz and Tiger Global, and Etched says it has secured more than $1 billion in customer contracts.
Key Facts
- Etched's valuation rose from $10.3 billion in a July Series C round to $21 billion in under a month.
- Etched said it has secured more than $1 billion in customer contracts across public and private AI companies and cloud providers.
- Jane Street is Etched's first customer and received its first rack last month.
- Etched has more than 400 employees and a working chip.
- Kleiner Perkins Managing Partner Mamoon Hamid said winners in inference infrastructure will be measured by tokens per dollar and per watt.
The Funding Round
The San Jose, California-based company's valuation jumped from $10.3 billion in a July Series C round to $21 billion in under a month. Jane Street led the $700 million round, with Kleiner Perkins, Sequoia, Andreessen Horowitz and Tiger Global among the participants. Kleiner Perkins Managing Partner Mamoon Hamid said inference is becoming one of the most important infrastructure markets in AI, with winners measured by tokens per dollar and per watt.
Customers and Technology
Etched builds specialized AI inference systems designed to make models faster and cheaper to run. The startup has more than 400 employees and a working chip, and said it has secured more than $1 billion in customer contracts across public and private AI companies and cloud providers. Jane Street is Etched's first customer, received its first rack last month and is now deploying the technology in its workloads. Michael Ashley Schulman, partner at Cerity Partners, said semiconductor history is littered with brilliant chips that never became great businesses.
1 source
Jane Street-backed Etched doubles valuation to $21 billion in under a month
