The News: VAST Data announced it received $118 million in Series E funding, led by Fidelity Management & Research Company, New Enterprise Associates (NEA), BOND Capital, and Drive Capital. More information can be found in the press release on the VAST website.
VAST Receives $118 Million in Series E Funding
Analyst Take: VAST Data has certainly had a busy year—including revealing its new AI Data Platform vision, a partnership with Hewlett Packard Enterprise (HPE), new cloud partnerships, and the recent release of VAST v5.0. VAST has capped off the year with another significant announcement (although it’s still early December, so there is still time to squeeze more in).
VAST announced it received $118 million in Series E funding. The funding was led by Fidelity Management & Research Company, NEA, BOND Capital, and Drive Capital. With the new funding, VAST has approximately tripled its valuation within the past 2 years, and it is now valued at $9.1 billion.
The growth of VAST has certainly been impressive, and this latest funding round should prove valuable in furthering its AI Data Platform mission. In a blog post from VAST cofounder Jeff Dunworth, however, an interesting quote sticks out: “Without any need for the new capital, this new Series E funding will sit in the bank and collect interest alongside the funding we received from Series B, Series C and Series D.”
This raises the question—if no new capital was needed, why take on Series E funding in the first place? The answer seems to be addressed earlier on in the same post, as Jeff states: “… we have been continuing our track record of operating on a cash-flow positive basis, so this funding is simply being used to raise awareness of VAST and our mission.”
This funding is all about further growing VAST and cementing its place as The Data Platform for AI. It is no secret that AI has been the hottest trend over the past year, and likewise it presents itself as one of the highest areas for growth and development in technology for years to come. VAST has done well to position itself as an emerging leader in the AI space, including broadening its position as an AI Data Platform, creating strong partnerships with leading organizations such as HPE and NVIDIA (another clear leader in the AI space), forming multiple graphics processing unit (GPU) cloud partnerships, and inking several large-scale deals with leading enterprises and government organizations. This latest funding round simply adds more fuel to the VAST Data rocket (yes, that is a VASTronaut joke) and will help the company further drive its AI Data Platform mission.
Disclosure: The Futurum Group is a research and advisory firm that engages or has engaged in research, analysis, and advisory services with many technology companies, including those mentioned in this article. The author does not hold any equity positions with any company mentioned in this article.
Analysis and opinions expressed herein are specific to the analyst individually and data and other information that might have been provided for validation, not those of The Futurum Group as a whole.
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Image Source: VAST Data
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Mitch comes to The Futurum Group through the acquisition of the Evaluator Group and is focused on the fast-paced and rapidly evolving areas of cloud computing and data storage. Mitch joined Evaluator Group in 2019 as a Research Associate covering numerous storage technologies and emerging IT trends.
With a passion for all things tech, Mitch brings deep technical knowledge and insight to The Futurum Group’s research by highlighting the latest in data center and information management solutions. Mitch’s coverage has spanned topics including primary and secondary storage, private and public clouds, networking fabrics, and more. With ever changing data technologies and rapidly emerging trends in today’s digital world, Mitch provides valuable insights into the IT landscape for enterprises, IT professionals, and technology enthusiasts alike.
