Vast Data, which affords an AI-friendly knowledge storage platform, is out there to lift a brand new spherical at a large leap in valuation.
Earlier this 12 months, the nine-year-old firm was searching for a valuation of round $25 billion, based on an individual conversant in the deal. Should it obtain that, it could be an enormous soar from its $9 billion Series E valuation secured in December 2023.
The deal was not finalized and phrases – together with its valuation – might change, this individual mentioned, including that the requested valuation was excessive on the time, regardless of spectacular development. Many VCs are concerned about and watching Vast, different sources inform TechCrunch.
Vast didn’t reply to a request for remark.
Vast Data affords knowledge administration software program coupled with unified CPU, GPU and knowledge {hardware} from distributors like Supermicro, HPE and Cisco. Whereas old-school knowledge storage choices depend on tiers: low-cost storage choices for long-term storage, higher-end choices for extra ceaselessly used knowledge, Vast goals to get rid of such tiers. It is especially geared toward flash-storage.
AI has been a boon to Vast’s enterprise. The firm’s platform shops structured, semi-structured, and unstructured knowledge in a single place, which accelerates knowledge retrieval and, it says, reduces the price of mannequin coaching and inference.
The firm’s prospects embrace massive enterprises reminiscent of Pixar, ServiceNow, and Xai, in addition to next-generation AI cloud suppliers like Coreweave and Lambda, which use Vast’s know-how to supply storage capabilities to their end-users.
Vast had annual recurring income (ARR) of $200 million when it raised its Series E about 18 months in the past, TechCrunch reported. The firm has been rising at 2.5x to 3x year-over-year, Renen Hallak, Vast’s CEO and co-founder, mentioned on a podcast final May. The firm has additionally been free money movement constructive for 4 years, Renen mentioned.
On knowledge storage capabilities, Vast competes with a 16-year-old publicly traded Pure Storage that has a market capitalization of almost $17 billion and a 12-year-old Weka, which final 12 months raised a $140 million spherical at a $1.6 billion valuation. Vast can be creating a database structure that’s aggressive with Databricks’ providing.
Prior to the spherical it’s at present engaged on, the corporate has raised a complete of $381 million from traders together with Fidelity Management & Research Company, NEA, BOND Capital, and Drive Capital.
