--- title: Etched raises $700M at a $21B valuation led by Jane Street description: AI inference chip startup Etched has raised $700 million at a $21 billion valuation in a round led by Jane Street, just 26 days after being valued at $10.3... canonical: https://daily.dev/posts/etched-raises-700m-at-a-21b-valuation-led-by-jane-street-aetjplytu twitter:card: summary_large_image twitter:site: @dailydotdev og:type: website og:site_name: daily.dev og:title: Etched raises $700M at a $21B valuation led by Jane Street | daily.dev og:description: AI inference chip startup Etched has raised $700 million at a $21 billion valuation in a round led by Jane Street, just 26 days after being valued at $10.3... og:url: https://daily.dev/posts/etched-raises-700m-at-a-21b-valuation-led-by-jane-street-aetjplytu og:image: https://api.daily.dev/og/posts/aetjPLyTu.png og:image:alt: Etched raises $700M at a $21B valuation led by Jane Street og:image:width: 1200 og:image:height: 630 og:locale: en --- > ## Documentation Index > Fetch the complete documentation index at: https://daily.dev/llms.txt > Use this file to discover all available pages before exploring further. # Etched raises $700M at a $21B valuation led by Jane Street **[The Next Web](https://daily.dev/sources/tnw)** · 2 min read · 1 upvotes · 0 comments ## Summary AI inference chip startup Etched has raised $700 million at a $21 billion valuation in a round led by Jane Street, just 26 days after being valued at $10.3 billion. Jane Street was already a backer, and the round coincides with Etched shipping its first customer rack to Jane Street itself. The valuation has roughly quadrupled in eight months despite the company having just delivered its first paying customer order. Etched's chips split workloads into a low-voltage prefill chip and decode via shared cluster-scale memory, and now support Mixture of Experts models like DeepSeek and Qwen plus non-transformer architectures like Mamba. Over $1 billion in contracts was signed as of June, and its first chip worked on TSMC's N4P process on the first attempt. The funding will go toward factories, supply chains, and fleet software as it scales toward gigawatt-level deployments, amid competition from European rivals like Olix. ## Full article daily.dev links to this article rather than hosting it. Read it at the original source: ## Questions this post answers ### How much did Etched raise in its latest funding round and what is the company now valued at? Etched raised $700 million at a $21 billion valuation in a round led by Jane Street. This is roughly double the $10.3 billion valuation the company had just 26 days earlier following a $300 million Series C led by Sequoia, and about four times its $5 billion valuation from eight months prior. _daily.dev surfaces funding milestones like this for developers tracking the AI chip infrastructure market._ ### What kind of AI models can Etched's inference chips run? Etched's systems run Mixture of Experts designs including DeepSeek and Qwen, as well as non-transformer architectures such as Mamba. This marks a shift from the company's original premise of etching a single model directly into silicon, showing broader hardware flexibility as it scales toward gigawatt-level deployment. _developers evaluating inference hardware options can follow chip architecture shifts like this on daily.dev._ ### Who are Etched's investors and customers in the AI chip market? Etched's backers include Jane Street, Hudson River Trading, Jump Trading and Two Sigma, all proprietary trading firms betting on inference hardware where latency directly affects profit. Jane Street, an existing investor, both led the latest $700 million round and received Etched's first shipped customer rack, rather than being a new customer converting into an investor. _daily.dev helps engineers evaluating AI hardware vendors track who is actually funding and buying the tech._ ## Similar posts on daily.dev - [Etched raises $300M at a $10.3B valuation, SK Hynix in](https://daily.dev/posts/etched-raises-300m-at-a-10-3b-valuation-sk-hynix-in-hmkznotmf) · The Next Web · 0 upvotes · 0 comments - [AI chip startup Etched defies skeptics, hits $10.3B valuation from big-name investors](https://daily.dev/posts/ai-chip-startup-etched-defies-skeptics-hits-10-3b-valuation-from-big-name-investors-iymxifl0b) · TechCrunch · 1 upvotes · 0 comments --- Tags: [#venture-capital](https://daily.dev/tags/venture-capital), [#gpu](https://daily.dev/tags/gpu) [View this post on daily.dev](https://daily.dev/posts/etched-raises-700m-at-a-21b-valuation-led-by-jane-street-aetjplytu) ```json {"@context":"https://schema.org","@graph":[{"@type":"Organization","@id":"https://daily.dev/#organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180},"sameAs":["https://twitter.com/dailydotdev","https://github.com/dailydotdev","https://www.linkedin.com/company/daily-dev-ltd"]},{"@type":"WebSite","@id":"https://daily.dev/#website","url":"https://daily.dev","name":"daily.dev","publisher":{"@id":"https://daily.dev/#organization"},"potentialAction":{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://daily.dev/search?q={search_term_string}"},"query-input":"required name=search_term_string"}}]} {"@context":"https://schema.org","@type":"TechArticle","headline":"Etched raises $700M at a $21B valuation led by Jane Street","url":"https://daily.dev/posts/etched-raises-700m-at-a-21b-valuation-led-by-jane-street-aetjplytu","mainEntityOfPage":{"@type":"WebPage","@id":"https://daily.dev/posts/etched-raises-700m-at-a-21b-valuation-led-by-jane-street-aetjplytu"},"datePublished":"2026-08-18T19:05:29.840Z","dateModified":"2026-09-14T08:06:51.167Z","description":"AI inference chip startup Etched has raised $700 million at a $21 billion valuation in a round led by Jane Street, just 26 days after being valued at $10.3...","image":"https://media.daily.dev/image/upload/f_auto,q_auto/v1/posts/ad51d7825546cd395abf364faf972fd3?_a=AQAEuop","thumbnailUrl":"https://media.daily.dev/image/upload/f_auto,q_auto/v1/posts/ad51d7825546cd395abf364faf972fd3?_a=AQAEuop","isAccessibleForFree":true,"articleSection":"The Next Web","inLanguage":"en","publisher":{"@type":"Organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180}},"author":{"@type":"Organization","name":"The Next Web","logo":"https://media.daily.dev/image/upload/t_logo,f_auto/v1/logos/tnw","url":"https://daily.dev/sources/tnw"},"commentCount":0,"discussionUrl":"https://daily.dev/posts/etched-raises-700m-at-a-21b-valuation-led-by-jane-street-aetjplytu","interactionStatistic":[{"@type":"InteractionCounter","interactionType":{"@type":"LikeAction"},"userInteractionCount":1},{"@type":"InteractionCounter","interactionType":{"@type":"CommentAction"},"userInteractionCount":0}],"keywords":"venture-capital,gpu","timeRequired":"PT2M"} {"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://daily.dev"},{"@type":"ListItem","position":2,"name":"The Next Web","item":"https://daily.dev/sources/tnw"},{"@type":"ListItem","position":3,"name":"Etched raises $700M at a $21B valuation led by Jane Street"}]} {"@context":"https://schema.org","@type":"FAQPage","@id":"https://daily.dev/posts/etched-raises-700m-at-a-21b-valuation-led-by-jane-street-aetjplytu#faq","mainEntity":[{"@type":"Question","name":"How much did Etched raise in its latest funding round and what is the company now valued at?","acceptedAnswer":{"@type":"Answer","text":"Etched raised $700 million at a $21 billion valuation in a round led by Jane Street. This is roughly double the $10.3 billion valuation the company had just 26 days earlier following a $300 million Series C led by Sequoia, and about four times its $5 billion valuation from eight months prior. daily.dev surfaces funding milestones like this for developers tracking the AI chip infrastructure market."}},{"@type":"Question","name":"What kind of AI models can Etched's inference chips run?","acceptedAnswer":{"@type":"Answer","text":"Etched's systems run Mixture of Experts designs including DeepSeek and Qwen, as well as non-transformer architectures such as Mamba. This marks a shift from the company's original premise of etching a single model directly into silicon, showing broader hardware flexibility as it scales toward gigawatt-level deployment. developers evaluating inference hardware options can follow chip architecture shifts like this on daily.dev."}},{"@type":"Question","name":"Who are Etched's investors and customers in the AI chip market?","acceptedAnswer":{"@type":"Answer","text":"Etched's backers include Jane Street, Hudson River Trading, Jump Trading and Two Sigma, all proprietary trading firms betting on inference hardware where latency directly affects profit. Jane Street, an existing investor, both led the latest $700 million round and received Etched's first shipped customer rack, rather than being a new customer converting into an investor. daily.dev helps engineers evaluating AI hardware vendors track who is actually funding and buying the tech."}}]} ```