Etched, a startup developing AI chips in competition with Nvidia NVDA -2.21%decrease; down pointing triangle, is set to quadruple its valuation to about $20 billion in a new funding round led by an existing investor, the firm Jane Street, according to people familiar with the matter.
Benefiting from a frenzied market for venture-capital investments in artificial-intelligence startups, the San Jose, Calif.-based company is also raising capital at a $10 billion valuation in a separate round led by Sequoia Capital, the people said. The financings haven’t closed, and the terms of the deals could still change.
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