A Silicon Valley startup backed by the US Defense Advanced Research Projects Agency is seeking at least $70 million more from investors in its quest to to develop an ultra-efficient chip for artificial intelligence technology, according to documents reviewed by Bloomberg.

The startup world has had a tough year — plagued by mass layoffs, plummeting venture capital investment and the chaotic collapse of Silicon Valley Bank. But many in tech believe that the worst is yet to come.

For the first time in four years, venture investors are backing more crypto and blockchain startups in the U.S. than they are in Asia—a sign that China’s crackdown on alternative currencies has chilled the country’s upstart industry.