The AI data platform company VAST Data announced it has raised $118 million in a Series E funding round, solidifying its $9 billion valuation.
Only two years ago, VAST Data was valued at $3.7 billion after securing $83 million in funding in the spring of 2021. The US Air Force, US Department of Energy, Verizon, Pixar and Zoom are among its customers.
The latest financing round was led by Fidelity Management & Research Company, in cooperation with New Enterprise Associates, BOND Capital and Drive Capital.
The Israeli-founded company specializes in scalable AI infrastructure, helping organizations tackle pressing data problems and potentially enabling advancements in technology, economics, social dynamics and scientific research.
CEO and cofounder of VAST Data Renen Hallak said the VAST Data Platform “delivers AI infrastructure that opens the door to automated discovery that can solve some of humanity’s most complex challenges.”
Hallak continued, “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 organized and available at the right place, at the right time.”
Chairman, CEO and CIO at New Enterprise Associates Scott Sandell called VAST Data a “pioneer” in the AI GPU field.
“With deep learning at the center of the massive AI movement, interest and investment in VAST Data has accelerated, and we are thrilled to partner with the VAST Data team as they drive influence and innovation in the global AI technology sector.”