AI chip startup Etched raises $300 million at $10.3 billion valuation

July 23 (Reuters) - ‌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.

(Reporting by Anzar Mehraj in Bengaluru; Editing by Sahal ‌Muhammed)

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