IT Brief UK - Technology news for CIOs & IT decision-makers
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Vast Data's substantial funding to disrupt AI data stack industry
Tue, 12th Dec 2023

VAST Data, the AI data platform company, today announced that it has secured a substantial triple-digit multi-million dollar funding round, led by Fidelity Management and Research Company and featuring contributors such as New Enterprise Associates, BOND Capital, and Drive Capital.

This funding has drastically boosted the company's valuation, coming close to being classified as a decacorn within today's technology industry landscape, the company shared in a statement.

Known for its innovative technology application in promoting real AI-driven discovery and breakthroughs, VAST Data's solutions have been applied across a range of sectors. Among these are genomics research, quantitative financial trading, investment management, and even international customers that include the likes of NASA, Zoom, and Pixar.

With this fresh injection of capital, VAST Data aims to deliver a novel category of infrastructure that prioritises data in how systems think, react, and discover.

According to Renen Hallak, CEO and Co-Founder of VAST Data, "A new AI data stack is required... for automated discovery that can solve some of humanity's most complex challenges". He stressed the need for not only vast amounts of data, but carefully organised and high-quality data, accessible exactly when and where needed.

The VAST Data Platform unifies storage, database and containerised compute engine services into a single scalable software platform. This platform allows organisations to use AI and GPU-accelerated tools to understand all data, both structured and unstructured, enabling superior insights and unlocking new value.

NEA Chairman, CEO and CIO, Scott Sandell, expressed his excitement about the investment in VAST Data: "We believe that VAST Data is a pioneer in the AI GPU space... and we are thrilled to partner with the VAST Data team as they drive influence and innovation in the global AI technology sector."

The previous year has seen impressive business momentum, with the end of FYQ3 witnessing VAST Data surpassing $1 billion in cumulative software bookings. The company has also achieved a 3.3x year over year growth and held positive cash flow for consecutive 12 quarters with a nearly 90% gross margin.

VAST Data has attracted an increasing customer roster of global enterprises and expanded their presence by penetrating new regions in Asia Pacific, the Middle East and Europe.

With this new funding round and vast potential, VAST Data is now in an excellent position to democratise AI for UK enterprises and take tangible steps towards the realisation of true AI thinking machines.

Believing in the capacity of deep learning AI in shaping future advancements, VAST Data's platform is set to transform industry operations and support the UK Governments ambitions in becoming a global AI superpower.