Etched, a San Jose-based startup that designs AI chips, said it has raised US$800 million and plans to ship chips to some customers this summer as it seeks to compete with Nvidia.

The company said its backers include Jane Street and VentureTech Alliance, a semiconductor-focused investment firm founded in 2001 that manages US$165 million.

VentureTech says it has a strategic partnership with Taiwan Semiconductor Manufacturing Co. (TSMC), while its investment activity is managed independently.

Etched closed a US$500 million round in December at a US$5 billion valuation led by Stripes.

Co-founder and president Robert Wachen said Jane Street led an earlier unannounced round, and people familiar with the matter said the trading firm has invested more than US$100 million in total.

Founded in 2022, Etched said it is testing its products and has signed US$1 billion in sales contracts, but it did not name customers.

🔗 Source: Bloomberg