The funding was led by Fidelity Management & Research Company and accompanied by New Enterprise Associates (NEA), BOND Capital and Drive Capital.
Launched in 2019, VAST Data is the fastest growing data infrastructure company in history, with a new valuation of $9.1 billion.
The Vast Data Platform unifies storage, database, and containerised compute engine services into a single, scalable software platform. It was specifically designed for AI use cases.
““We believe that VAST Data is a pioneer in the AI GPU space,” said Scott Sandell, chairman, CEO, CIO at NEA.
“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 team as they drive influence and innovation in the global AI technology sector,” Sandell said.
Vast Data has posted impressive financials, surpassing $1 billion in cumulative software bookings and $200 million in annual recurring revenue (ARR) by the end of Q3.
In addition to achieving 3.3x year-over-year (YoY) growth, Vast Data have formed a number of partnerships, with the likes of CoreWeave, Lambda and Core42.
Vast Data’s latest software release was announced last week at AWS re:Invent, in Las Vegas.
Version 5.0 of the software streamlines data management across multi-cloud deployments, and when used in collaboration with AWS could offer cloud savings of up to 80%, according to Vast Data.
“Every day we collect hundreds of terabytes of new data for neural genomics research, and we manage these massive datasets across our own private clouds and AWS for rapid, global data access,” said David Feng, Director of Scientific Computing at the Allen Institute a research organisation that leverages the leveraging the Vast Data Platform on AWS.
“The VAST Data Platform makes it simple for the Allen Institute to rapidly share and process data anywhere. These new hybrid cloud enhancements give our researchers and partners easy-to-use tools to build global AI pipelines that facilitate and accelerate our pursuit of new scientific discoveries.”
To learn more about Vast Data, listen to the Capacity podcast with co-founder Jeff Denworth.
