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December 6, 2023
Vast Data, the artificial intelligence (AI) data platform company, has secured $118 million in Series E funding and nearly tripled its valuation to $9.1 billion.
Fidelity Management & Research Co. led the funding round. New Enterprise Associates (NEA), Bond Capital and Drive Capital also participated.
The Vast Data platform unifies storage, database and containerized compute engine services into a single software platform that powers AI and graphics processing unit (GPU)-accelerated tools in data centers and clouds. The platform allows organizations to understand all data, both structured and unstructured, to generate insights and unlock new value.
Gregg Machon, Vast Data’s vice president of worldwide channels, said this strategic funding round not only amplifies Vast Data’s market presence, but also propels “our mission to pioneer groundbreaking AI infrastructure that is shaping a future where systems think, react and discover with unprecedented intelligence and efficiency.”
Vast Data's Gregg Machon
“As our partner program continues to mature, we’ll be offering new routes to market, significant growth opportunities, and we’re committed to delivering immense value to our joint customers now and in the future,” he said. “Vast is 100% channel-led, so our partners are critical to the success of our business.”
Partners are the “backbone” of Vast Data’s growth and expansion strategy, Machon said.
“Their deep industry expertise and client relationships amplify our market reach,” he said. “As we continue to scale, partners play a pivotal role in capturing new opportunities, reaching untapped markets and ensuring customer success. Our growth is inherently tied to the success of our partners. Their flexibility, agility and collaborative innovation contribute to a dynamic ecosystem. By empowering our partners to thrive, we ensure sustained revenue growth, making them indispensable contributors to our success in the competitive tech landscape. This partnership-driven approach forms the foundation of our business model, fostering a mutually beneficial relationship that accelerates our collective impact.”
Since its founding, Vast Data has worked closely with partners to break down technology tradeoffs and barriers while improving the overall customer experience, the company said. In April 2023, Vast Data entered into a strategic partnership with HPE, helping enterprise customers manage unstructured data with high performance at scale to deliver superior time to data insight.
“This is an opportune moment for partners to actively engage and invest in Vast,” Machon said. “Anticipate substantial enhancements in our joint go-to-market strategy, as we collectively pave the way for the future of AI and deep learning.”
“We believe that Vast Data is a pioneer in the AI GPU space,” said Scott Sandell, NEA’s chairman, CEO and CIO. “With deep learning at the center 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.”
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