Etched, an AI chip startup founded by three Harvard dropouts in 2022, has secured a $300 million Series C funding round at a $10.3 billion valuation, led by Sequoia and joined by Andreessen Horowitz, SK Hynix, and other prominent investors.This marks the highest valuation ever for a Sequoia-led Series C.The company, which previously valued at $5 billion in December 2025, has doubled its valuation in seven months.

Etched's success stems from its innovative chip designs that optimize AI inference processes, including a low-voltage prefill chip and cluster-scale memory technology for decoding.

Despite initial skepticism about its approach to AI chip development, the startup has overcome challenges by demonstrating tangible results, such as manufacturing its first chips and securing $1 billion in orders.Founders Gavin Uberti, Robert Wachen, and Chris Zhu faced significant hurdles, including fundraising and hiring, but their persistence paid off.

The article highlights Etched's technological advancements, investor confidence, and the broader implications for AI chip innovation in the industry.