Tech
Etched fields funding offers at $40B+ valuation, sources say
Although it’s only been a couple of months since Etched raised $700 million at a $21 billion valuation, the AI chip startup is already being plied with investment offers at double or more its value, according to people familiar with the company.
Etched is reviewing incoming bids that range from $40 billion from top-tier investors to $50 billion from lesser-known backers, one person said. These fundraising talks are early, so terms of any deal, should one happen, may change. Etched declined to comment.
While this may seem like a fast time-table to raise another mega round, Etched is pursuing a particularly expensive segment of the AI industry: building full AI hardware systems powered by its own proprietary chips. The person familiar with these offers said that if it raises as much as its last round, this could give Etched a cushion of as much as 3.5 years of runway.
There are reasons why VCs are hot to own a piece of Etched. The four-year-old startup shows promise of challenging Nvidia. Not only did quant trading firm Jane Street lead the last $700 million round, it is also a customer that took delivery of an early system. Etched said in July that it had already secured $1 billion in customer orders, including the one from Jane Street, after manufacturing its test chip at a TSMC factory this summer.
Co-founder and COO Robert Wachen previously told TechCrunch that investors are so enthusiastic because Etched has designed two new components from scratch to speed up inference — the computing process that happens after a user submits a prompt.
The company claims its chips can process more tokens faster and at a lower cost than Nvidia’s. That’s the reason its processors have been so attractive to Jane Street for whom a microscopic advantage in speed can yield massive profits.
The startup has also impressed investors with its ability to attract engineers from Nvidia, with roughly 15% of Etched’s 400-person workforce having previously worked at the chip giant, according to the Wall Street Journal.
Etched also operates a new 10-megawatt datacenter in Silicon Valley and established a facility in Taiwan to coordinate production near TSMC.
Co-founders Gavin Uberti and Chris Zhu famously met in an advanced math course at Harvard, while Wachen was Uberti’s roommate and they dropped out to pursue the company.
In terms of fast rounds at big leaps in valuations, Etched already has a history of them. The startup announced a $300 million round at a $10.3 billion led by Sequoia in July. It announced the $700 million round at a $21 billion valuation in September. Back-to-back funding rounds, which essentially act as a single financing split into two tranches with separate valuations, are increasingly common among the buzziest startups.
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.
>
Tech
How to find out if Amazon thinks you have ‘flat buttocks’
It shouldn’t come as a surprise that Amazon collects data about you based on what you buy. If you buy a lot of cat litter, Amazon will probably infer that you have cats, or if you buy a lot of anti-acne skin products, then Amazon might guess you’re prone to breakouts. Even if we know that Amazon customizes our shopping experiences based on our purchase history, it still comes as a surprise to see all of these personal details laid out in a convenient list. Especially when those details get uncomfortably intimate.
One Threads user came across this section of her Amazon settings, where you can see who the shopping giant thinks you are, and alongside more benign assumptions like “Shops from women’s departments” and “Probably owns a Shark robot vacuum,” she found that Amazon assumes she “has flat buttocks.”
“I stumbled upon a page of assumptions that Amazon has made about me based on my purchases and I’m literally speechless,” an Amazon customer, @fangirlinmegan, wrote on Threads. “I mean it ain’t wrong but damn did you have to call me out like that?”
In less than a day, the post garnered over a million views, including many from users who were curious what their own Amazon profiles might reveal. Here’s how you find out.
On desktop, you can find this page by hovering over where Amazon says “Hello, [your name]” in the upper right corner. Then click “Account” under the “Your Account” section. Under the “Ordering and shopping preferences” section, click “Your Shopping preferences.” From here, you can add in information of your own, like your shoe size, interests, and dietary preferences. But we’re not here to tell Amazon that it should stop selling you beef jerky since you’re a vegetarian. We’re here to see if Amazon thinks you have “flat buttocks.” When you scroll to the bottom of the page, you’ll see a blue hyperlinked option that says “Manage your information.” Once you click that, you’ll see what dirt Amazon has on you.
On the mobile app, you can get here by clicking the hamburger icon from the bottom menu bar, then navigating to “Account” > “Shopping preferences” > “About you.”
For me, Amazon has gleaned that I am someone who “practices photography,” “plays collectible card games,” and is “invested in the Apple ecosystem.” This is all true. Amazon has even flattered me by noting that I “read diverse non-fiction,” to which I say — why yes, I am indeed an open-minded intellectual with a thirst for knowledge. Thank you for noticing.
Other colleagues of mine found that Amazon correctly noted their interests in vinyl records and ceramics, as well as a penchant for “natural materials” in home decor and clothing that “prioritizes comfort.” None of us had anything as affronting as “has flat buttocks,” but the Threads user noted that this was likely because she had purchased “butt scrunch leggings.”
Tech companies know too much about us, and it’s jarring to realize just how closely they’re paying attention to how we use their platforms. We live in a world of alarming surveillance, but at least I know that Amazon doesn’t think my butt is flat.
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.
>
Tech
Apple is reportedly partnering with LG to launch a smart lock, thermostat, and doorbell
Apple is working on a new ecosystem of smart home devices via a partnership with LG, Bloomberg has reported.
The new devices — which include a smart lock, a thermostat, and a doorbell — are designed to integrate with the company’s smart home hub, another upcoming product that will reportedly launch on Oct. 13th. That hub is expected to include a 6-inch square display that can be placed on a countertop or mounted on a wall.
The two companies are also working on a slate of security cameras, including models for indoor, outdoor and a floodlight. The LG devices are expected to be announced, if not formally released, next week, too. TechCrunch reached out to Apple for more information.
Interestingly, the devices will reportedly carry the LG brand — despite being developed by both companies.
The new products could aptly be read as a swipe at Amazon’s smart home offerings, which currently offers a variety of similar products, including its Ring home security cameras.
Apple has sought to push into new territory with its recent hardware releases. One of those new territories is an expanded smart home presence.
>
Tech
Ex-Ramp engineers raise $20M for platform Melius after scrapping their first product
Melius, an AI platform for generating ad campaigns, images, and videos, announced on Tuesday that it raised a total of $25 million in funding, including a $20 million Series A led by CRV and a $5 million seed round led by General Catalyst.
While the startup claims to have hit more than $1 million in annualized revenue within two months of coming out of stealth in July, co-founder Joowon Kim (pictured on right) admits that Melius didn’t hit it out of the park initially.
When the New York-based company first launched over a year ago, Kim and his co-founders, Young Kim (pictured on left) and Arnav Ramu (pictured center) set out to build an AI-powered performance marketing tool. The three knew each other from working as engineers at Ramp, the corporate spending and finance software company.
More than six months after building the product, the co-founders decided their original idea didn’t “have legs,” Joowon Kim told TechCrunch.
Instead of helping marketers manage and optimize ad spend, the team chose to focus on what it saw as a much larger opportunity: building the tools that generate the creative assets and campaigns themselves.
“We scrapped the entire codebase; we burned all of it,” Kim said. Melius quickly went to work on an entirely new product. Nearly a year after its initial launch, it revealed a platform that it describes as an “agents lab for creative work.”
Melius is far from the only startup helping ad agencies, marketers, and brands generate creative assets and campaigns with AI. Competitors include rapidly growing Higgsfield, which was valued at $5.4 billion in August, as well as other small startups, including Krea and Flora AI.
Kim isn’t concerned about the competition.
He acknowledged that Higgsfield, a three-year-old that has hit over $700 million in annualized revenue, “is growing like mad,” but according to Kim, the size of the market is so large that it can support multiple competitors.
“There are a lot of players, which is pretty exciting,” he told TechCrunch. “That means there are customers to be won and there is demand in this space.”
As for why former Ramp engineers are building an ad generation product, Kim, who describes himself as a social media influencer, says he has been passionate about making short videos since elementary school and once dreamed of becoming a famous YouTuber.
“I tried my best to make vlogs,” he said. “My dad was great at using FinalCut Pro, but I wasn’t.”
Those early vlogs never quite took off, but his fascination with making digital media remained.
Now, with Melius, he’s building the tool he always wanted: a platform where anyone, including seasoned creative directors, can turn their ideas into reality using plain language.
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.
>
-
movies5 months agoSearch For Canadian TV Actor Stewart McLean Now Homicide Investigation
-
Fashion9 years agoThese ’90s fashion trends are making a comeback in 2017
-
Fashion9 years agoAccording to Dior Couture, this taboo fashion accessory is back
-
Fashion9 years agoModel Jocelyn Chew’s Instagram is the best vacation you’ve ever had
-
Fashion9 years agoEmily Ratajkowski channels back-to-school style
-
Fashion9 years ago9 Celebrities who have spoken out about being photoshopped
-
Anime4 months agoRurouni Kenshin: Hokkaido Arc Manga Takes 1-Issue Break – News
-
Anime3 months agoHIDIVE to Stream English Dubs for The World Is Dancing, The Forsaken Saintess and Her Foodie Roadtrip in Another World, The Dangers in My Heart: The Movie Anime – News
