Flash Storage Vendor Vast Data Raises $100M in Series C Funding Round
The additional money brings Vast Data’s total funding to $180 million at a valuation of about $1.2B.
April 16, 2020
Flash storage vendor Vast Data has unveiled a $100 million Series C funding round to continue to grow its business.
With the funding, the company has now brought in a total of $180 million, resulting in a $1.2 billion valuation. Leading the Series C funding round is global venture firm Next47. Other investors include 83 North, Dell Technologies Capital, Goldman Sachs, Greenfield Partners, Mellanox Capital, Commonfund Capital and Norwest Venture Partners.
Vast Data came out of stealth mode in February 2019 with its universal storage concepts and products. It is built on an exabyte-scale, all NVMe flash architecture for customer data storage. Vast Data uses a disaggregated shared-everything (DASE) architecture and global algorithms to provide high storage efficiency and resilience for customers.
The $100 million in the Series C funding round is for driving global expansion and business growth.
Vast Data’s Renen Hallak
“Following a historic first-year revenue performance in 2019, we’ve had the fortune of receiving interest from new investors such as Next47, Commonfund Capital and Mellanox Capital who have joined our existing investor team,” Renen Hallak, the company’s founder and CEO, told Channel Futures. “While the product is universal storage, what we’ve been selling is outcomes. The move to Vast has resulted in a radical simplification and acceleration at the application level once customers liberate themselves from the last 20 years of storage complexity.”
Next47’s Lak Ananth
Lak Ananth, CEO and managing partner of Next47, said the investment was made because data is a critical business resource. “Vast Data’s highly-disruptive infrastructure concept unlocks access to massive reserves of information — eliminating the complexity and compromises that have resulted from the long-standing performance and capacity trade-off,” he said. “We’re thrilled to partner with them to further scale the business.”
In September 2019, Vast Data added accelerated support for AI applications and asymmetric cluster expansion to its services. The Vast Data Universal Storage Platform received more tools to improve the performance and resiliency of business data storage systems.
Eric Kaplan, CTO for Ahead, a Chicago-based Vast reseller, called the Series C funding round a positive sign for partners.
Ahead’s Eric Kaplan