Investment Thesis · Primary
Investment thesis
The investor's experience with Etched and studying the broader compute supercycle helped solidify their investment conviction.
This experience combined with studying the broader compute supercycle helped crystallize our conviction.
Why the firm invested
The investor met Gavin Uberti, CEO of Etched, and recognized his understanding of upcoming market shifts, including transformer dominance, GPU bottlenecks, and the importance of purpose-built hardware for inference.
Gavin had pitch perfect understanding of what was about to happen: transformer dominance would expand; the GPU bottleneck would intensify; inference would become the all-important battleground; and the power of purpose-built hardware would become clear.
Primary led the Seed round in Etched in March 2023.
We led the Seed round in Etched in March 2023 and have since worked with Gavin and the team as they (as they like to say) build the hardware for superintelligence.
Primary has taken a high conviction approach to investing in teams like Etched since 2023, based on their broader compute thesis.
Since 2023, we have taken a high conviction approach to investing behind this view. We have backed the teams at Etched, Atero (acquired by Crusoe), Haiqu, and several more in stealth across memory, alternative computing, and other layers of the stack.
Team
Primary has been working with Gavin and the Etched team since their Seed round as they develop hardware for superintelligence.
We led the Seed round in Etched in March 2023 and have since worked with Gavin and the team as they (as they like to say) build the hardware for superintelligence.
What founders can learn
- What actually moved the decision: Primary wrote that met Gavin Uberti, CEO of Etched, and recognized his understanding of upcoming market shifts, including transformer dominance, GPU bottlenecks, and the importance of purpose-built hardware for inference.
- How the team was judged: Primary wrote that Primary has been working with Gavin and the Etched team since their Seed round as they develop hardware for superintelligence.
Source and provenance
Investment Thesis published by Primary on primary.vc (first-party source). Read the original
