Industrial technology and appliance producer Siemens’ Next47 unit led a $100m series C round for flash storage technology provider Vast Data yesterday at a $1.2bn valuation.
The round included Dell Technologies Capital and Mellanox Capital, which invested on behalf of computing technology provider Dell and networking technology supplier Mellanox Technologies, as well as Goldman Sachs, 83North, Commonfund Capital, Greenfield Partners and Norwest Venture Partners.
Founded in 2016, Vast Data has created a scalable all-flash data storage system that is intended to eliminate the traditionally high costs of the technology when compared to hard drive storage. The series C proceeds will fuel international growth.
The company emerged from stealth in February 2019 with $80m in series A and B funding from Dell Technologies Capital, Norwest Venture Partners, 83 North, Goldman Sachs and Greenfield Partners, which is backed by private equity group TPG.
The series B round was sized at $40m, Vast Data founder and chief executive Renen Hallak said yesterday. The company stated that the series C had almost tripled the valuation at which it last raised money.
Next47 CEO Lak Ananth said: “The world’s most valuable resource is now data, and Vast Data’s highly-disruptive infrastructure concept unlocks access to massive reserves of information – eliminating the complexity and compromises that have resulted from the long-standing performance and capacity trade-off.
“In a little over a year, Vast has delivered some truly record-breaking business results and we’re thrilled to partner with them to further scale the business.”
