AI hardware startup Etched raised $700 million in a funding round led by Jane Street, doubling its valuation to $21 billion just one month after a $300 million Series C round valued it at $10.3 billion. Etched builds specialized inference chips, including a low-voltage prefill chip and a cluster-scale memory system, aimed at making AI models faster and cheaper to run. Jane Street backed the round after installing and testing Etched’s first shipped hardware cluster, and the company says it has secured more than $1 billion in customer contracts.
