New York-based, Vast Data, an AI-based data management company raised $118 million led by Fidelity Management and Research in a Series E.
Drive Capital, BOND Capital, and NEA (New Enterprise Associates) actively backed the round.
Vast Data Raised $118M Series E At $9.1B
CEO of Vast Data, Renen Hallak said the funds raised will enable them to expand in new regions, AI advancement, and accelerate growth.
Vast Data is an AI-based integrated platform that enables users to store, containerize, and manage databases for compute engine services. Vast Data gives users the option to scale according to the architecture and the power required by their AI apps. Vast Data also supports GPU-accelerated tools.
Moreover, the Vast Data platform uses AI to understand structured & unstructured data and generate valuable insights. Renen said in the Q3 of last financial year, the team surpassed $1 billion in bookings and we continue to grow. Vast Data has shown a 330% YoY growth with 90% gross margins.
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