In just one month, Etched Doubles’ valuation increased to $21B.

AI chipmaker Etched doubled their valuation in a month from $10.3B to $21B with a $700M round. The lead investor? Quant fund Jane Street who tried out their chips before investing. Participants include Sequoia, a16z, Blackstone, and Peter Thiel.

Inference chip startups are getting crowded as the large language models have been trained. Now comes the money for deployment to do inference quickly and cheaply. New specialty chips are threatening to knock NVIDIA’s GPUs off the pedestal of delivering results.