Etched, an American manufacturer of specialised chips, has raised $700 million in its latest funding round, according to a company statement.
The lead investor was the financial firm Jane Street, with Kleiner Perkins, Sequoia, Andreessen Horowitz, Tiger Global, Bain Capital Ventures, Neo, Primary, Stripes, Positive Sum and Blackstone also participating in the round.
Investors have valued Etched, founded in June 2022 by three Harvard students, at $21 billion. The previous funding round took place in July, when the start-up was valued at $10.5 billion. The company has a workforce of over 400 employees.
The company also announced that it has already secured orders worth over $1 billion and has delivered its first batch of chips to its first client – Jane Street.