Sequoia-backed Etched said on Thursday it raised $300 million in a Series C funding round that valued the AI chip company at $10.3 billion.
Etched is among a growing number of startups seeking to challenge Nvidia's dominance in AI chips by developing hardware for inference, the process of running artificial intelligence models.
Here are some details:
The funding round was led by Sequoia, with participation from Andreessen Horowitz, Jane Street, Diffusion and SK Hynix.
Etched said the financing represents the highest valuation ever for a Sequoia-led Series C.
The company will use the proceeds to expand production and customer deployments.
It recently opened an 80,000-square-foot facility near its San Jose, California headquarters to expand production and prototyping.
Etched said demand for its AI inference systems continues to outpace supply as customers move from evaluation to deployment.
The company said it has about 400 employees, and is rapidly expanding.
