VAST Data Earns $83 Million in Series D Funding
VAST Data recently announced it raised $83 million in Series D funding. The funding round was led by Tiger Global Management at a post-money valuation of $3.7 billion, tripling VAST’s valuation since April 2020. This round also features strong participation from NVIDIA and several other existing investors and is driven by VAST’s combination of rapid customer adoption and positive cash flow. The Series D funding adds to the company’s Series B and Series C investments, positioning VAST as the next independent infrastructure provider that is poised to disrupt the market.
VAST Data has developed the first all-flash storage platform that transforms the economics of flash storage in order to make flash infrastructure affordable for all classes of data, effectively making the hard drive and storage tiering obsolete. VAST’s platform is applied across a range of industries, offers next-generation life science advancements, and helped financial services organizations to stabilize the economy during the coronavirus outbreak. Last year, VAST also raised $100 million in Series C funding, led by Next47.
The valuation comes after VAST reported increased rapid customer growth during its first two years of operation. VAST also finished its second year at almost $100 million of annualized software run rate, quadrupling its software business year over year, while also achieving cash flow positivity. These results will be catalyzed in 2021 via VAST’s new software consumption model, Gemini, which disaggregates the business of hardware and software and offers users commercial advantages to further the adoption of Universal Storage.
In a press statement, Renen Hallak, Founder and CEO of VAST Data, said, “the pioneering and inventive spirit of our team influences every aspect of our product and business and has redefined how successful businesses can be built. We are humbled by today’s validation from Tiger and NVIDIA. It is evidence of our accomplishments to date and serves as a launchpad for the opportunity ahead of us.”
To learn more about VAST Data, click here.
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