Israeli universal data storage company VAST Data today announced the completion of a $100 million Series C financing round led by Next47 and with the participation of 83North, Commonfund Capital, Dell Technologies Capital, Goldman Sachs, Greenfield Partners, Mellanox Capital and Norwest Venture Partners. The investment was raised at a company valuation of $1.2 billion - a near-tripling since the company’s launch in February 2019. The financing round brings the total amount raised by the company to $180 million. The new funding will be used for global expansion and speeding up the company’s next phase of growth.
VAST Data has developed an all flash storage platform that transforms the economics of flash storage to make flash infrastructure affordable for all classes of data, and rendering the hard drive and storage tiering obsolete. The power of VAST’s platform is applied across a number of industries, and is instrumental to organizations tackling the worldwide spread of Covid-19. This includes powering next generation life science advancements and helping financial services organizations stabilize the economy.
The company has 150 employees worldwide including 100 in Israel in its Tel Aviv and Haifa offices.
VAST Data founder and CEO Renen Hallak said, "We started VAST Data with a single mission, to simplify the data center and to enable insights that were never before possible. In 2019, VAST’s early customer adoption and financial performance surpassed all historic benchmarks - validating that the technology and product-market fit were right for customers who are struggling under tiered storage architectures and the limitations of the hard drive. Considering that VAST has not even tapped into its $40 million Series B financing, the company now has a $140 million war chest to satisfy global customer demand for next-gen infrastructure, and to enable data driven applications through continued innovation."
Next47 CEO and managing partner Lak Ananth said, "The world’s most valuable resource is now data, and VAST Data’s highly-disruptive infrastructure concept unlocks access to massive reserves of information - eliminating the complexity and compromises that have resulted from the long-standing performance and capacity tradeoff. In a little over a year, VAST has delivered some truly record-breaking business results and we’re thrilled to partner with them to further scale the business."
83North partner Yoram Snir said, "83North has been working with VAST Data since day one as partners working to build an exceptional company. We are very fortunate to be part of this journey from the beginning and are impressed with the way they turned their vision into reality."
Published by Globes, Israel business news - www.globes-online.com - on April 16, 2020
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