VAST Data is an Israeli startup developing flash based storage software, and today (Tuesday) the company announces the closing of an $83 million Series D funding round. The investment was led by Tiger Global Management, alongside existing investors and participation from NVIDIA. The round was done at a post money valuation of $3.7 billion, which means the company had tripled its valuation - $1.2B - since it joined the Israeli Unicorn club last year.
“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," said CEO and founder Renen Hallak.
$100M in sales
VAST Data’s managed storage platform is the first to be based on flash - the technology that basically controls private market data storage. The company’s technology makes flash infrastructure more accessible for all types of data, while making hard drives and other data storage management systems redundant.
VAST developed unique architecture, new algorithms and abilities to better leverage flash technology in the most cost effective ways, in order to bypass compromises like price, performance, and massive data capacity. This is how the company can offer storage at competitive prices with hard drives, handle high performance at scale, as well as offering essentially endless storage volume.
VAST Data was quick to note that the impressive valuation is directly correlated to the record results numbers by the company this past year. The Israeli company closed out the year reporting $100 million in sales, quadrupling company growth year-over-year.
VAST Data was founded in 2016 by CEO Renen Hallak. Including the current round, VAST has raised $263 million to date, and said that the new capital will be used to continue growth, in addition to recruiting nearly 160 new employees by the end of 2021. VAST currently employs over 200 people, split between offices in the U.S, Israel, France, South Korea, Holland, and Japan.
“VAST Data’s innovation engine has resulted in a breakout business story that speaks for itself,” said John Curtius, Partner at Tiger Global Management. “We’re excited to partner with VAST as they transform the value that organizations extract from their data and we see incredible potential as enterprises embrace data-driven AI computing across every facet of their business.”