AI data vendor VAST Data has secured $118m in Series E funding, boosting its valuation to around $9.1bn.
The funding round, led by Fidelity Management & Research Company and backed by NEA, BOND Capital, and Drive Capital, is set to boost VAST Data's efforts in creating a new data-centric system infrastructure..
The company's focus is on unifying storage, database, and compute services into a single platform, optimising AI and GPU-powered tools in data centres and the cloud.
Renen Hallak, CEO and co-founder of VAST Data, said: "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, well-organised data available at the right place and time.”
Following a year of growth, VAST Data reported over $1bn in cumulative software bookings, a 3.3-fold increase in year-over-year growth, and maintained a positive cash flow for 12 quarters, with a gross margin nearing 90%.
