Etched Valuation, Funding & Investors

Fractile is a London-based startup that designs specialized AI inference chips using an in-memory compute architecture built to run large AI models faster and more cheaply than conventional GPUs. Founded in 2022, the company targets up to 100 times faster model execution and 10 times lower costs, or 20 times better performance per watt, and has hired senior engineers from Nvidia, ARM, and Imagination. Fractile positions its hardware to compete with the GPU-based AI infrastructure of incumbents such as Nvidia.

PsiQuantum is a quantum computing company that builds fault-tolerant, utility-scale quantum computers on photonic qubits. It was founded by Jeremy O'Brien, Terry Rudolph, Peter Shadbolt and Mark Thompson, who developed the approach as academics in the United Kingdom. The company manufactures its silicon photonic chips in a commercial semiconductor foundry, GlobalFoundries, rather than in a research fab, and designs the cryogenic cooling, networking and control systems needed to link very large numbers of qubits. It is headquartered in Palo Alto, California, and is building large quantum computing sites in Brisbane, Australia and Chicago, Illinois. Customers and partners are governments, national laboratories and large enterprises that want access to quantum machines for chemistry, materials science, drug discovery and other simulation work. The company earns money from government agreements and development contracts and expects to sell access to its systems once they are commercially useful.

Shanghai Enflame Technology Co Ltd is engaged in the research, design and sales of cloud-based AI chips and related products.

Lightmatter is a Boston-headquartered designer of photonic computing chips that accelerate matrix multiplications for AI inference and training using silicon photonics. The Passage interconnect links GPU clusters with optical switches, while Envise processors target data center workloads in cloud and telecom sectors.

GTA Semiconductor is a Shanghai specialty-process semiconductor manufacturer founded in 2017 around Huada Semiconductor. It develops and runs wafer fabrication lines for automotive electronics, industrial control and high-end consumer electronics, producing microcontrollers, analog circuits, power devices and sensors for chip designers and integrated device makers. Its processes include BCD, IGBT, MOSFET and silicon carbide devices on 6-inch, 8-inch and 12-inch wafers, and it also offers mask, test and multi-project wafer services together with design kits. The company operates fabs in the Lingang area and in Xuhui, Shanghai. It took the Hong Kong-listed Shanghai Advanced Semiconductor Manufacturing Corporation private through a merger by absorption, which gave it a long-established analog foundry. It has financed expansion through state-backed and industry investor rounds and is privately held.

SiFive designs customizable RISC-V processor cores and IP for embedded systems, IoT devices, automotive, and datacenter applications. Its Freedom platform includes microcontrollers, high-performance CPUs, and vector extensions with associated EDA toolchains. Santa Clara-headquartered SiFive licenses cores to Samsung, Western Digital, and Andes Technology. Founded in 2015, the company shipped over a billion RISC-V cores by 2023, powering chips from Qualcomm and NVIDIA partners.

Sunrise is a Shenzhen-based developer of high-performance GPUs for AI training, edge computing, and graphics processing. The company designs chips like the Sunhope series with up to 512 tensor cores, targeting data centers and autonomous vehicles. Manufacturing through TSMC processes, Sunrise supplies modules to Chinese hyperscalers and exports to Southeast Asia. Founded in 2018, it competes in the domestic semiconductor market amid US export restrictions.

Machxin Technology is a semiconductor company based in Shanghai, China, founded in 2026. The company designs integrated circuit chips and the software platforms that run on them. Its products are built around custom dynamic dataflow architectures aimed at AI workloads and edge-computing applications. The company targets automotive-grade inference hardware, matching chip layout to algorithms to improve scaling efficiency for transportation and other commercial uses. Revenue is expected to come from chip sales and related technical services.

Photonic is a Vancouver-headquartered company constructing a networked quantum computing platform using optically-linked silicon spin qubits. Its technology integrates photonics connectivity over telecom-band fiber for scalable, fault-tolerant quantum modules and networking.

SemiDrive is a Nanjing-based developer of automotive processors for ADAS, autonomous driving, and smart cockpits. Its X9H series supports L2+ autonomy with 8-core ARM Cortex-A and NPU delivering 4 TOPS, manufactured on SMIC 16nm. The company supplies chips to Chinese OEMs like Great Wall Motor and BYD for domain controllers.

SiMa.ai is a San Jose-headquartered semiconductor company founded in 2018. It designs MLSoC chips for embedded edge machine learning applications. The platform supports computer vision tasks across frameworks like TensorFlow and PyTorch, sensors including RGB and thermal cameras. SiMa.ai enables deployment in retail, industrial automation, and smart cities with optimized power efficiency. The full hardware-software stack handles generative AI models at the edge.

XLMEC is the brand of Chongqing Xinlian Microelectronics Co., Ltd., a fabless designer of automotive-grade integrated circuits headquartered in Chongqing. It develops power management chips, sensor interfaces, and MCUs for electric vehicles and ADAS systems via xlmec.com. Certified to IATF 16949 standards, the company supplies tier-1 automakers in China's new energy vehicle sector.

SJ Semiconductor Corp is engaged in mid-stage silicon wafer processing and back-end packaging business in the packaging and testing industry for integrated circuits.

Moore Threads Technology Co Ltd is principally engaged in the R&D, design and sales of graphics processing units(GPUs) and related products. The business includes providing technical services, technology development, technical consulting, technology exchanges, technology transfers, technology promotion and information system integration. Besides chip design and sales, it also engages in import-export activities related to technology and hardware products.

SambaNova is a Palo Alto-headquartered enterprise AI company providing full-stack solutions from Reconfigurable Dataflow Unit silicon like the 2023 SN40L chip to software platforms including Samba Cloud for instant inference on models such as Llama and Qwen, SambaStack for on-premise deployments, and SambaManaged for efficient data center AI services deployable in 90 days.

Neuralink is a neurotechnology company founded in 2016 by Elon Musk and a group of scientists and engineers, focused on developing implantable brain–computer interface (BCI) devices. Its primary product, the N1 chip, is surgically implanted into the skull by a precision robotic system called R1, enabling direct communication between the human brain and external computers or devices. The company's stated mission is to address neurological conditions such as paralysis, blindness, and severe motor impairments, allowing patients to control digital devices using thought alone. In January 2024, Neuralink implanted its first BCI device in a human patient, with the individual subsequently demonstrating the ability to control a computer cursor through neural signals. Headquartered in Fremont, California, the company operates at the intersection of neuroscience, robotics, and semiconductor engineering, and has attracted significant attention for its long-term ambitions around human-AI symbiosis.

Tenstorrent is an AI computing company founded in Toronto in 2016 and now headquartered in Santa Clara, California, led by chief executive Jim Keller. It designs and sells AI processors and servers built on its Tensix cores and licenses AI and RISC-V IP to customers who want to build their own silicon, backed by an open-source software stack. Its products include the Grayskull and Wormhole processors and Galaxy servers. The company has offices in Toronto, Austin and Silicon Valley. Investors include Fidelity, Samsung, Hyundai Motor Group, Eclipse Ventures and Bezos Expeditions. It closed a USD 1.5 billion Series E at a USD 6.2 billion post-money valuation in October 2026.

Shenzhen Kinwong Electronic Co Ltd is engaged in manufacturing and sale of Printed Circuit Boards (PCB). The group offers multi-layer PCB and flexible PCB. The products of the company are applied in consumer electronics, automotive, controller and equipment, network telecommunication and IT & PC peripheral. The firm has built a strategic partnership with global top brands such as Microsoft, Hitachi, Sanyo, Foxconn, Emerson, Honeywell, Logitech, and so on. Geographically operates through the Chinese market.