Etched ships custom AI inference chips, books $1B in orders

Etched, founded in 2022 by three Harvard dropouts, says it has manufactured its custom AI inference chips — hardware built specifically to run trained AI models quickly. Clients began testing full systems in June 2026. The startup reports $1 billion in booked orders, roughly three years after a $5.4 million seed round. Sequoia led a $300 million Series C in July 2026 at a $10.3 billion valuation.