Israeli AI data platform provider for data centers Weka announced today that it has completed a $135 million Series D financing round. The company provided no valuation but sources close to the deal have told "Globes" that the money was raised at a valuation of $750 million. The latest round brings the total amount raised by Weka to $270 million.
The round was led by Generation Investment Management with new and existing investors including 10D, Atreides Management, Celesta Capital, Gemini Israel Ventures, Hewlett Packard Enterprise, Hitachi Ventures, Key1 Capital, Lumir Ventures, Micron Ventures, Mirae Asset Capital, MoreTech Ventures, Norwest Venture Partners, NVIDIA, Qualcomm Ventures, and Samsung Catalyst Fund.
Weka was founded in 2013 by CEO Liran Zvibel, Chief Strategy Officer 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. The company has 300 employees including 120 in Tel Aviv and Zvibel says that Weka will use some of the new funds to expand its development team in Israel as well as its customer support, marketing and sales staff, in order to become profitable in the near future.
Weka develops technology that streamlines data storage within enterprises and the cloud and allows more efficient storage and swift transmission of AI applications, machine learning, financial and medical analysis.
Part of the secret of the company's success is its business model. Weka's solution is promoted by server farm manufacturers like Hitachi, Lenovo and Super Micron and it is also possible to buy it from app stores of cloud platform giants like Amazon, Microsoft, Google and Oracle. The company declines to provide sales data but says it exceeded its ARR forecast for 2022 so far by 250% and has a zero customer churn rate, and its average revenue from each customer has risen 255% due to accessory products.
Published by Globes, Israel business news - en.globes.co.il - on November 15, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.