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April 22 (Reuters) – VAST Data said on Wednesday it was valued at $30 billion in its latest funding round, growing more than threefold since 2023, helped by strong interest in companies that build the infrastructure needed for artificial intelligence.
The New York-based company, which is backed by Nvidia, said the Series F round fetched it about $1 billion in primary and secondary capital, and was led by Drive Capital and Access Industries.
Existing investors, including Fidelity Management & Research Company, NEA and Nvidia, also participated in the round, along with new parties.
The rapid adoption of AI has fueled demand for data centers, semiconductors, cloud capacity and high-performance computing needed to train and run increasingly complex models, driving investor interest in infrastructure providers that support the ecosystem.
VAST Data, founded in 2016, builds software that helps companies store and process large volumes of information used to train and run artificial intelligence systems.
The company, which counts Elon Musk’s xAI and CoreWeave and the U.S. Air Force, among others, as its customers, was valued at $9.1 billion in 2023.
“The VAST platform is a key enabling technology for next gen AI infrastructure initiatives – providing a modern, flexible data architecture for Gen AI applications and agentic workflows,” said Larry Feinsmith, managing director and head of Global Tech Strategy, Innovation and Partnerships at JPMorgan Chase.
Primary proceeds from the latest raise will be used to expand VAST Data’s global footprint, strengthen partnerships and pursue strategic transactions to broaden its technology platform.
The company in November signed a $1.17 billion commercial agreement with cloud provider CoreWeave, extending their existing partnership.
(Reporting by Pritam Biswas and Prakhar Srivastava in Bengaluru; Editing by Shailesh Kuber and Shinjini Ganguli)