Israeli-founded AI data platform Weka has announced the completion of a $73 million financing round led by Hitachi Ventures with participation from strategic investors Hewlett Packard Enterprise, NVIDIA, Micron, and Digital Alpha, and financial investors MoreTech Ventures, Ibex Investors, and Key 1 Capital. This latest investment brings the total amount raised by Weka to $140 million. The company said it will use the funds to accelerate marketing activities, operations, and engineering.
Weka was founded in 2013 by CEO Liran Zvibel, COO Omri Palmon, and Chief Architect Maor Ben-Dayan. The company is headquartered in Campbell, Northern California and has its development center in Tel Aviv as well as offices in Virginia and the UK. Weka develops technology that streamlines data storage within enterprises and the cloud and allows more efficient storage and swift transmission of artificial intelligence applications, machine learning, financial and medical analysis.
WEKA, which now operates in 18 countries, saw rapid growth in 2021, with annual recurring revenue (ARR) doubling and 125% growth in new customers.
Zvibel said, "The Global 1000s are now aggressively integrating Artificial Intelligence and Machine Learning practices and technology into their core business processes, creating new products and services that were impossible to even imagine previously. GPUs and accelerated computing technologies are rapidly replacing traditional CPU compute at 100-1000 times performance, shifting the AI bottleneck from CPU access to data access, and creating a huge market opportunity for WEKA’s modern Data Platform for AI. At WEKA we have built the best data platform technology for Cloud and AI, alongside the most innovative go-to-market motion selling through the public cloud providers and the large server vendors, being a true software company. Our latest round will enable WEKA to deliver better and faster outcomes to more customers and improved integration with our ecosystem."
Published by Globes, Israel business news - en.globes.co.il - on January 9, 2022.
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