Nvidia rival Etched doubles its value to $10.3B in seven months
Etched has a simple pitch. Nvidia builds chips that do everything. Etched builds chips that do one thing, inference, and claims to do it far better. On Thursday the bet got a lot more money behind it. The startup raised $300 million in a Series C round that values it at $10.3 billion.
Sequoia led the round. Andreessen Horowitz, Jane Street, Diffusion and, tellingly, the memory maker SK Hynix all took part. It is, the company says, the highest valuation ever for a Sequoia-led Series C. Etched has now raised more than $1 billion in total.
The number that stands out is the speed. Etched was worth $5 billion in December. Seven months later it is worth twice that. The startup only emerged from stealth in June, when it revealed a working chip and $1 billion in signed orders.
A chip for one job
Etched started with a contrarian idea....
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