Israeli-US universal data storage solutions company VAST Data has announced the completion of a $83 million Series D financing round at a company valuation of $3.7 billion. The company haxmore than tripled its valuation since raising $100 million in April 2020 at a company valuation of $1.2 billion. This latest financing round was led by Tiger Global with "strong participation from Nvidia and other existing investors."
The company said, The valuation comes as VAST recently reported record-breaking results and rapid customer growth throughout its first two years of operation. VAST ended its second year at nearly $100 million of annualized software run rate, having quadrupled its software business year over year, while also achieving cash flow positivity. These results will be catalyzed in 2021 and beyond by VAST’s new software consumption model called Gemini, which disaggregates the business of hardware and software and provides customers with additional commercial advantages to further the adoption of Universal Storage."
VAST Data has developed a platform based on flash storage with mathematical algorithms that can compress data and streamline its storage.
VAST Data was founded in 2016 by CEO Renen Hallak, VP R&D Shachar Fienblit and VP Products Jeff Denworth. The company has more than 200 employees in its New York City headquarters and Israeli development centers in Tel Aviv and Haifa. VAST Data plans hiring 160 more employees by the end of 2021, half of them at its development centers in Israel.
Published by Globes, Israel business news - en.globes.co.il - on May 4, 2021
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