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Jane Street-backed ​Etched said on Tuesday its valuation more than ​doubled in less than a month to $21 billion, as investors bet on growing demand for specialized chips used to run artificial intelligence ‌models.

The San ⁠Jose, ⁠California-based company raised $700 million, with trading firm Jane Street continuing its ​backing by leading the round, joined by Kleiner Perkins, Sequoia, Andreessen Horowitz and ​Tiger Global, among others.

The funding highlights growing investor interest in the infrastructure needed to run AI models, particularly ​as demand surges for inference — the ⁠process of ‌using trained AI models to generate responses.

Etched builds ​specialized ​AI inference systems designed to make models faster ⁠and cheaper to run, joining a growing ​group of startups seeking to challenge Nvidia’s dominance ​in the AI chip market.