Vast Data has secured approximately $1 billion in a Series F funding round, valuing the company at $30 billion. This significant valuation surge reflects the accelerating demand for infrastructure supporting artificial intelligence workloads.
CEO Renen Hallak stated that investor interest, rather than a set target, drove the round's size. The company reports over $4 billion in cumulative bookings and more than $500 million in committed annual recurring revenue, alongside positive free cash flow and operating profitability.
Vast's valuation has more than tripled since its late 2023 Series E round. Hallak attributes this growth directly to the "AI revolution" and the formation of a "new stack" of technology.
The company positions its unifying software layer as crucial infrastructure between hardware and AI models, essential for organizations integrating data, computing, and applications. Originally a storage manager, Vast's platform now integrates data management, analytics, and orchestration, supporting enterprise shifts from model training to real-time decision-making and inference.
Vast is also developing its platform to support agent-based AI systems, requiring secure coordination and data sharing in distributed environments. The financing includes both primary and secondary capital, providing liquidity and bringing in strategic partners for global expansion.
Hallak believes Vast's architecture offers an advantage over hyperscale clouds built on older models, suggesting hyperscalers will either partner with Vast or rebuild their infrastructure. Despite concerns of an AI investment bubble, demand for AI infrastructure is expected to grow exponentially.
While preparing for a potential initial public offering, Vast is currently focused on expanding its platform for enterprises moving AI projects into production. The company supports large-scale AI workloads, including systems with hundreds of thousands of GPUs and multi-exabyte clusters.
The round was led by Drive Capital LLC and Access Industries Inc., with participation from existing investors Nvidia Corp., Fidelity Management & Research LLC, and New Enterprise Associates Inc.