- Vast Data raises $118 million in a Series E round, achieving a $9.1 billion valuation.
- Vast Data's unstructured data storage and management approach attracts major clients and fuels growth.
- With positive financial metrics, Vast aims to expand globally, targeting markets in Asia Pacific, the Middle East, and Europe.
New York-based startup Vast Data secures $118 million in a Series E round led by Fidelity Ventures, reaching a post-money valuation of $9.1 billion. The funding, with participation from fundamental investors, brings the total raised by Vast to $381 million.
The startup provides a scale-out, unstructured data storage solution focused on eliminating tiered storage setups, gaining traction in the rapidly expanding AI and modern infrastructure landscape.
A visionary approach to data management fuels Vast's growth
Vast Data, founded in 2016, distinguishes itself by offering a next-gen data management platform, leveraging commodity hardware for faster access to extensive datasets, particularly for AI workloads.
The company unifies storage, database, and compute engine services, attracting significant customers such as Pixar and Zoom. With positive cash flow for the last 12 months, Vast emphasizes expanding its global reach, targeting markets in Asia Pacific, the Middle East, and Europe.
Favorable financial metrics position Vast for global expansion
Vast reports a recurring revenue of $200 million, growing 3.3x yearly, showcasing a substantial first-mover advantage. The funds raised will further propel Vast's mission to deliver innovative infrastructure, positioning data at the core of system operations.
The company plans to enhance its business footprint and advance its strategic partnerships, emphasizing its resilience and efficiency amid global challenges.
Edited by Shruti Thapa