VAST Data raises US$118M with latest fundraise

VAST Data has secured US$118-million in Series E funding led by Fidelity Management & Research Company and including New Enterprise Associates (NEA), BOND Capital and Drive Capital, nearly tripling the data platform compnay’s valuation to $9.1 billion

The funding will advance VAST Data’s mission to deliver a new category of infrastructure that puts data at the centre of how systems think, react, and discover. 

The company said this breakthrough will empower organisations to effectively address their most pressing data challenges, enabling unprecedented advancements in technology, economics, social dynamics, and scientific research.

“A new AI data stack is required,” said Renen Hallak, CEO and Co-Founder of VAST Data. “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.”

Scott Sandell, NEA’s chairman, CEO and CIO, said they consider VAST Data as a pioneer in the AI GPU space.

“With deep learning at the centre of the massive AI movement we are experiencing, interest and investment in VAST Data has escalated,” said Sandell.

Manuvir Das, VP of enterprise computing at NVIDIA, said they are working with VAST Data to enable enterprises to harness their data using accelerated computing and cloud-based AI solutions to tackle their biggest challenges.