Positron, a startup chip maker that aims to compete with Nvidia, said Tuesday it raised $23.5 million to scale production of its U.S.-made artificial intelligence chips. Valor Equity Partners, known for backing Elon Musk’s companies, Atreides Management, Flume Ventures and Resilience Reserve were among the investors who participated in the round. Reno-based Positron says its chips, which are manufactured in Arizona, use less than a third of the power of Nvidia’s top-of-the-line H100 graphical processing units, while maintaining the same performance.