Etched Raises $700 Million at $21 Billion Valuation

Etched is now valued at $21 billion and has signed Jane Street as its first customer, according to The Wall Street Journal. The company also announced a $700 million raise led by Jane Street after the trading firm tested and bought its AI hardware.

The new valuation follows a $300 million Series C at a $10.3 billion valuation in July and a $5 billion valuation in December. Etched has raised nearly $2 billion in total.

Etched sells full AI systems that it calls frontier inference clusters. The systems are built for inference, the computing process that runs after a user submits a prompt. The company says its design uses a low voltage prefill chip and cluster scale memory that connects chips to a shared memory pool.

Jane Street has a rack running in its data center. Etched also operates an in office data center and has been hiring engineers from NVIDIA.