AI Startups Raise More Than $2 Billion for Chips, Computing and Legal Software

Three AI startups raised more than $2 billion across financings for inference hardware, energy-efficient computing research and legal software, showing private investors backing distinct parts of the AI market. Etched raised $700 million at a $21 billion valuation on Aug. 18, with Jane Street leading the round. The financing followed Etched’s July 23 announcement of a $300 million Series C at a $10.3 billion valuation. The startup builds hardware for AI inference, the process of running a trained model to generate outputs. Etched shipped its first rack to Jane Street in July and secured more than $1 billion in customer contracts. Jane Street said, “We tested the chip and are pleased with the early results.” TokenPost previously covered preliminary bids that valued Etched at up to $50 billion .

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