Israeli-US AI data platform company VAST Data today announced that it has completed a $118 million Series E financing round led by Fidelity Management & Research Company in participation with New Enterprise Associates (NEA), BOND Capital and Drive Capital. The funding was raised at a company valuation of $9 billion, nearly 250% higher than its $3.7 billion valuation when it raised $83 million in May 2021.
The new funds will be used by VAST Data to further develop its innovative infrastructure, which puts data at the center of how systems think, react, and discover. The company's infrastructure empowers organizations to effectively address their most pressing data challenges, enabling unprecedented advancements in technology, economics, social dynamics, and scientific research.
VAST Data's platform unifies storage, database, and containerized compute engine services into a single, scalable software platform designed and built to power AI and GPU-accelerated tools in data centers and clouds. The platform enables organizations to understand all data, both structured and unstructured as it exists in the natural world, to generate superior insights and unlock new value.
VAST Data was founded in 2016 by CEO Renen Hallak, VP R&D Shachar Fienblit and VP Products Jeff Denworth.
Hallak said, "A new AI data stack is required. To be truly impactful in this era of AI and deep learning, you not only want to have a lot of data, but also high quality data that is correctly organized and available at the right place, at the right time. The VAST Data Platform delivers AI infrastructure that opens the door to automated discovery that can solve some of humanity’s most complex challenges."
At the end of the 2023 fiscal year third quarter, VAST Data surpassed $1 billion in cumulative software bookings. The company achieved 3.3 times year-over-year growth and has maintained positive cash flow for the last 12 quarters with a gross margin of nearly 90%.
VAST Data growing customer base includes Booking Holdings, US Air Force, US Department of Energy, Verizon, Boston Children’s Hospital, Pixar, and Zoom.
The company has more than 700 employees worldwide and is actively expanding into new regions in Asia Pacific, the Middle East, and Europe.
Published by Globes, Israel business news - en.globes.co.il - on December 6, 2023.
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