Etched Raises $300M Series C at $10.3B Valuation, Sequoia's Highest C-Round Lead

According to Beating, AI chip startup Etched completed a $300 million Series C funding round with a post-money valuation of $10.3 billion, led by Sequoia Capital. The round included a16z, SK Hynix, Jane Street, and Diffusion Capital, with individual backers including Peter Thiel, Andrej Karpathy, and Dylan Field.

Etched's valuation more than doubled from $5 billion just seven months ago. Sequoia described this as its highest-valued Series C investment to date. Last month, the company announced its first chip was successfully manufactured by TSMC and is currently being tested by customers. Etched has already secured $1 billion in orders and operates a 2-megawatt data center with 400 employees.