Etched hits $10.3B in Sequoia's largest Series C ever, years after the VC rejected its three Harvard dropout founders — TFN

Etched has raised $300 million at a $10.3 billion valuation, doubling its value since December and setting a new record for a Sequoia-led Series C.

In 2023, Etched’s three founders, all Harvard dropouts, were turned down by most major investors before finally gaining Sequoia’s support in this round.

New investors SK Hynix and Jane Street joined this round, bringing Etched’s total funding to more than $1.1 billion in under four years.

Etched raised $300 million in its Series C round at a $10.3 billion valuation, doubling its value in just seven months. Sequoia Capital led the round, with Andreessen Horowitz, Jane Street, Diffusion, SK Hynix, and existing investors Peter Thiel and Jump Trading also participating. Etched says this is the highest valuation ever for a Sequoia-led Series C.

“Now is the time to be aggressive. Our chips work, people want them, and it’s time to ship,” says Gavin Uberti, co-founder and CEO of Etched.