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VAST Data

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VAST Data
Company typePrivately held company
IndustryComputer Software
FoundedJanuary 2016; 8 years ago (2016-01)
Founder
  • Renen Hallak
  • Shachar Fienblit
  • Jeff Denworth
Key people
Renen Hallak, co-founder and CEO
Shachar Fienblit,co-founder and VP R&D
Jeff Denworth, co-founder
Michael Wing, president
Websitevastdata.com

VAST Data is a privately held technology company focused on artificial intelligence (AI) and deep learning computing infrastructure.[1][2] Founded in 2016, the company offers a data computing platform that allows users to train AI models by storing and synthesizing large amounts of unstructured data.[3][4][5]

History

VAST Data was founded in 2016 by Renen Hallak, the former head of R&D at XtremIO (acquired in 2012 by Dell EMC),[6][7] Shachar Fienblit, formerly of Kaminario, and Jeff Denworth, formerly of CTERA Networks.[8][9] Mike Wing, formerly of Dell EMC, serves as company president.[9][10]

In February 2019 VAST emerged from stealth mode, announcing $80 million of funding and the launch of its Universal Storage software built on a distributed systems architecture developed by VAST called DASE (Disaggregated and Shared Everything).[11] [8]A scale-out unstructured data storage solution designed to eliminate tiered storage, Universal Storage was awarded the 2019 Gold Medal Product of the Year from TechTarget.[12]

In April 2021, VAST moved to a software licensing model called Gemini that enables customers to separate the hardware purchasing cycle from the software licensing cost.[13]

VAST ranked No. 5 on the 2022 Deloitte Technology Fast 500[14] and No. 3 on the 2023 Financial Times list of The Americas’ Fastest-Growing Companies, based on VAST’s fiscal revenue growth from 2018 to 2021.[15] VAST Data also was included in Fast Company’s list of the 10 most innovative companies in data science of 2023, as well as Forbes’s America’s Best Startup Employers.[16]

In April 2023 VAST entered into a partnership with Hewlett Packard Enterprise to provide software for HPE GreenLake for File Storage.[17]

In May 2023 VAST was certified as an Nvidia SuperPOD data store.[18]

On August 1, 2023 VAST announced the launch of the VAST Data Platform, which offers storage, database, and compute engine services, and is designed to accelerate AI-enabled research.[19]

On December 6, 2023 VAST announced a Series E funding round, raising $118 million at a valuation of $9.1 billion. The company also announced it had surpassed $1 billion in cumulative software bookings; had surpassed $200 million in annual recurring revenue (ARR); and had maintained positive cash flow for the previous 12 quarters with a gross margin of nearly 90%.[20]

In December 2023 VAST announced it had surpassed $1 billion in cumulative software bookings; had surpassed $200 million in annual recurring revenue (ARR); and had maintained positive cash flow for the previous 12 quarters with a gross margin of nearly 90 percent.[21][22][23][24]

Funding

VAST Data has raised $361million in funding.[25]

In February 2019, VAST announced it had raised $80M of funding in two rounds, backed by Norwest Venture Partners, Dell Technologies Capital, 83 North, Goldman Sachs and a TPG Growth-sponsored investment platform.[11] Other investors to date include Tiger Global Management, Commonfund, Greenfield, Next47, Norwest, and NVIDIA. VAST announced in May 2023 it has been cash flow positive since 2020.[26]

On December 6, 2023 VAST announced a Series E funding round led by Fidelity Management and Research Co. that raised $118 million at a valuation of $9.1 billion.[27][28][29][30][31]

Series Date Amount (million $) Lead Investor(s)
A 2016 15 83North, Norwest
A1 2018 25 Dell Technologies Capital, 83North, Norwest
B 2019 40 Greenfield, 83North, Norwest
C 2020 100 Next47
D 2021 83 Tiger Global Management
E 2023 118 Fidelity Management and Research Co.

Product

The VAST Data Platform is a unified global datastore, database, and AI computing engine comprising the following features:[32]

  • VAST DataStore (formerly known as Universal Storage), an unstructured data storage solution
  • VAST DataBase, a database management system (DBMS) that includes the constructs of a traditional database, data warehouse, and data lake
  • VAST DataEngine (scheduled to be generally available in 2024), a global function execution engine
  • VAST DataSpace, a global namespace that permits every location to store, retrieve, and process data

The platform is deployable in on-premises data centers, public clouds, and edge and ruggedized environments, and is delivered as a subscription-based service.

Operations

As of February 2022 VAST operates in the United States, Canada, UK, France, Germany, Israel, Turkey, Czech Republic, Middle East, Australia, New Zealand, Russia and Korea, with further expansion planned across EMEA with Benelux, Switzerland, Italy, Spain and the Nordics, and in Asia with Japan.[33]

VAST partners with several distribution partners worldwide, including AHEAD, CDI, Carahsoft, Spinnaker, Arrow Electronics, Logicom, TechData, and ASI.[34][33]

VAST is a no-headquarters company with offices in New York City; Durham, North Carolina; Campbell, California; and Yafo, Israel.[9]

References

  1. ^ Mellor, Chris (February 26, 2019). "VAST Data: The first thing we do, let's kill all the hard drives". Blocks and Files.
  2. ^ Miller, Ron (April 16, 2020). "TechCrunch".
  3. ^ Coughlin, Tom (March 1, 2019). "VAST Storage Dreams". Forbes.
  4. ^ Adshead, Antony. "QLC + 3D Xpoint = Vast Data's universal storage". Computer Weekly.
  5. ^ Williams, Joe (April 17, 2020). "Business Insider".
  6. ^ "EMC buys XtremIO for $430m - Globes". en.globes.co.il. 2012-05-10. Retrieved 2023-11-15.
  7. ^ Kovar, Joseph F. (April 16, 2020). "Renen Hallak Talks Future". CRN.
  8. ^ a b Wilson, Alexandra (April 16, 2020). "VAST Data Gets $1.2 Billion Valuation, As Researchers Race To Combat COVID-19". Forbes.
  9. ^ a b c Mellor, Chris (February 26, 2019). "VAST Data's business sitrep". Blocks and Files.
  10. ^ "Mike Wing, Vast Data Inc: Profile and Biography". Bloomberg.com. Retrieved 2023-11-15.
  11. ^ a b Robinson, Daniel (2019-06-05). "VAST Data guarantees no downtime, no data loss". Blocks and Files. Retrieved 2023-11-15.
  12. ^ "Enterprise data storage 2019 Products of the Year finalists | TechTarget". Storage. Retrieved 2023-11-15.
  13. ^ "VAST Data goes software-only - what does this mean for customers?". Architecting IT. 2021-04-08. Retrieved 2022-02-28.
  14. ^ "2022 Technology Fast 500™ Rankings" (PDF). deloitte.com.
  15. ^ "FT ranking: The Americas' Fastest-Growing Companies 2023". 2023-03-28. Retrieved 2023-11-15.
  16. ^ "America's Best Startup Employers 2023". Forbes. Retrieved 2023-11-15.
  17. ^ "Vast dips into HPE GreenLake with new file storage service | TechTarget". Storage. Retrieved 2023-11-15.
  18. ^ Mellor, Chris (2023-05-17). "VAST Data and Nvidia form SuperPOD squad". Blocks and Files. Retrieved 2023-11-21.
  19. ^ Hampton, Jaime (2023-08-04). "Vast Data Boosts AI Infrastructure with New Unified Data Platform". EnterpriseAI. Retrieved 2023-11-15.
  20. ^ Hu, Krystal; Nishant, Niket (6 December 2023). "VAST Data eyes IPO after valuation surges to $9.1 bln in latest fund raise". Reuters.
  21. ^ "VAST Data closes $118 million Series E, nearly triples valuation to $9.1 billion". ctech. 2023-12-06. Retrieved 2023-12-20.
  22. ^ "Genesys Cloud Reaches Nearly $1.3 Billion Annual Recurring Revenue in Third Quarter of Fiscal Year 2024". Genesys. Retrieved 2023-12-20.
  23. ^ McDowell, Steve. "VAST Data More Than Doubles Valuation to $9.1B in Latest Funding Round". Forbes. Retrieved 2023-12-20.
  24. ^ "Vast Data closes funding round in wake of AWS upgrade". Capacity Media. 2023-12-07. Retrieved 2023-12-20.
  25. ^ Chernova, Yuliya (2023-12-06). "Vast Data's CEO Discusses Fundraising, Future Plans". Wall Street Journal. ISSN 0099-9660. Retrieved 2023-12-08.
  26. ^ "Lenovo and Vast Data credit channel for growth". MicroScope. Retrieved 2023-11-15.
  27. ^ Sharma, Shubham (2023-12-06). "AI infrastructure major VAST Data's valuation surges to over $9B after fresh funding". VentureBeat. Retrieved 2023-12-20.
  28. ^ "AI data platform VAST Data raises $118m at $9b valuation". Globes. 2023-06-12. Retrieved 2023-12-20.
  29. ^ "CrowdStrike and Optiv Surpass $1 Billion in Sales". wallstreet-online.de (in German). 2023-12-18. Retrieved 2023-12-20.
  30. ^ Wiggers, Kyle (2023-12-06). "Vast Data lands $118M to grow its data storage platform for AI workloads". TechCrunch. Retrieved 2023-12-20.
  31. ^ Hu and, Krystal. "VAST Data eyes IPO after valuation surges to $9.1 bln in latest fund raise". Reuters.
  32. ^ Morgan, Timothy Prickett (2023-08-01). "Vast Data Intentionally Blurs The Line Between Storage And Database - The Next Platform". www.nextplatform.com. Retrieved 2023-11-15.
  33. ^ a b "Distribution underpinning VAST Data's EMEA expansion plans". MicroScope. Retrieved 2023-11-15.
  34. ^ Salamone, Salvatore (2023-10-01). "Real-time Analytics News for the Week Ending September 30". RTInsights. Retrieved 2023-11-15.
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