Vast Data on Wednesday announced a $1 billion funding round at a valuation of $30 billion. NVIDIA Among those supporting the AI company.
Founded in 2016, Vaast creates software infrastructure for managing large amounts of data with a focus on AI applications. The company says it supports projects powering millions of GPUs. Customers include CoreWave, Mistral, US Air Force and Cursor.
The latest round sees West more than triple the $9.1 billion valuation it last raised in 2023.
Record funding has already been raised this year by AI companies globally, according to Dealroom, with investors writing checks worth $280.5 billion. Over $170 billion has been raised by OpenAI, Anthropic and XAI.
Drive Capital and Access Industries led Big Data’s Series F. Fidelity Management & Research Company and NEA participated, as well as Nvidia. The financing included primary and secondary capital.
“The scale and speed of AI adoption is creating a new class of infrastructure company,” Chris Olsen, co-founder and partner at Drive Capital, said in a statement.
“With the architecture and speed to support the world’s most demanding AI environments, VAST is emerging as the clear leader in this category.”
The company said it has surpassed $4 billion in cumulative bookings and exited the last fiscal year with more than $500 million in committed annual recurring revenue.
Nvidia has increased its financial support for private startups last year as it looks to solidify its position at the center of the AI boom.
So far this year, the chip giant has contributed to major funding rounds for AI labs OpenAI, Anthropic and XAI, as well as neocloud nScale and autonomous driving company Wave, among others.
