Etched, a developer of specialized AI inference chips, secured $300 million in a Series C round at a $10.3 billion valuation in July 2026. One month later, the company raised an additional $700 million, reaching a $21 billion valuation. Etched has already received over $1 billion in customer orders and delivered its first system to Jane Street.
Unconventional AI, founded in late 2025, focuses on energy efficiency for AI. In December 2025, the company closed a $475 million seed round, achieving a valuation of $4.5 billion. This transaction represents one of the largest early-stage investments in the AI hardware sector to date.
Legora, a software startup founded in 2023, provides AI tools for the legal industry. The company raised $150 million in October 2025 at a $1.8 billion valuation. By April 2026, it secured an additional $600 million at a valuation between $5.55 billion and $5.6 billion. Legora currently serves over 1,000 customers and reached $100 million in annual recurring revenue within 18 months.
While public markets move away from debt-heavy AI infrastructure, private investors continue to fund specialized startups. These companies differentiate themselves by targeting specific niches: Etched focuses on inference, Unconventional AI on energy efficiency, and Legora on legal workflows. Each firm has demonstrated early traction through orders, revenue, or significant valuation growth.
