VAST Data, the international company responsible for developing a cutting-edge data platform has successfully raised $118 million in Series E funding. The formidable round of funding efforts, led by Fidelity Management & Research Company, accompanied by New Enterprise Associates (NEA), BOND Capital and Drive Capital, has resulted in a near tripling of VAST Data's valuation, taking it to an impressive $9.1 billion.
VAST Data, based in London, is recognised for its pioneering work in producing an AI-ready infrastructure designed to fuel a new era of Deep Learning. The groundbreaking technology produced by the company is facilitating tangible AI-driven discoveries for a wide range of UK-based clients. This includes those operating within the fields of genomics research, financial trading and investment management. Prominent customers from a global perspective include NASA, Zoom and Pixar.
The newly secured funding will bolster VAST Data's core objective of pioneering a new category of infrastructure that places data at the heart of systemic thought, reaction and discovery. This significant breakthrough will provide organisations with the necessary tools to address their most urgent data issues effectively. It is anticipated that such a move will pave the way for unprecedented advancements in the areas of technology, social dynamics, economics and scientific research.
The CEO and Co-Founder of VAST Data, Renen Hallak emphasized the necessity of this move, stating that, "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 organised 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."
The Chairman, CEO and CIO at NEA, Scott Sandell, similarly applauded VAST Data’s pioneering role in the AI GPUs sphere, saying, "With deep learning at the centre of the massive AI movement we are experiencing, interest and investment in VAST Data has escalated, and we are thrilled to partner with the VAST Data team as they drive influence and innovation in the global AI technology sector."
The injection of funding capital coincides with a diversified and pivotal calendar year for VAST Data, which has seen the company surpass $1 billion in cumulative software bookings by the end of its fiscal third quarter. VAST Data also achieved 3.3x year-over-year (YoY) growth while maintaining positive cash flow over the past 12 quarters, and reported a nearly 90% gross margin.
With a growing customer base that includes Booking Holdings, Inc., the U.S. Air Force, the U.S. Department of Energy, Verizon, Boston Children’s Hospital, Pixar, and Zoom, VAST Data is a trusted name in industries worldwide. Making inroads in innovative customer partnerships, the company has also announced collaborations with companies like CoreWeave and Core42, formerly known as G42 Cloud, to deliver infrastructure specifically designed for next-generation AI clouds.
International expansion has seen VAST Data grow its workforce to over 700 employees and extend its regional footprint across Asia Pacific, the Middle East and Europe. These advancements are a testament to VAST Data's commitment to transforming AI infrastructure globally.