AI storage platform company Vast Data is reportedly seeking a funding round with a company valuation of around $25 billion.

As first reported by TechCrunch, this would be a significant increase from its Series E funding round, which valued the company at $9 billion in December 2023.

Citing sources familiar with the deal, TechCrunch reports that Vast Data was seeking the $25bn valuation earlier this year in a deal that is currently unfinalized and could still change.

Other sources told TechCrunch that "many VCs are interested" in a potential round.

DCD has contacted Vast Data for comment.

Update -

Vast Data declined to comment on the reports that it was raising money.

However, a spokesperson told DCD: "Since launching six years ago, Vast Data has achieved $2 billion in cumulative bookings, a milestone that reflects the company’s rapid customer adoption and growing share of AI infrastructure deployments globally. This growth trajectory has accelerated meaningfully in recent years, with the business achieving 5x year-over-year growth in AI infrastructure bookings as enterprise and cloud providers scale their next-generation AI data centers.

"While we aren’t disclosing recurring revenue or ARR figures, the combination of strong cumulative bookings, substantial growth in AI infrastructure investments, and a growing base of repeat customers signals the strength and durability of Vast’s business model in one of the fastest-growing segments of enterprise IT.

"AI infrastructure is a capital-intensive, long-cycle investment market, where early cumulative bookings, or total contract value, is a leading indicator of both current demand and future recurring revenue streams as our customers commit with us for long-term periods. Vast’s momentum — marked by multiyear, multimillion-dollar infrastructure deployments with the industry’s most ambitious AI builders — positions it uniquely in this landscape."

Original story resumes -

At the time of its previous funding round in late 2023, Vast was reporting an annual recurring revenue of around $200 million, which CEO Renen Hallak said had grown around 2.5 to three times in May 2024.

In total, Vast has raised $381 million over its funding rounds, with investors including Fidelity Management & Research Company, NEA, BOND Capital, and Drive Capital.

Storage services are a fundamental part of Vast Data's offering, but the company has been keen over the last few years to emphasize its platform's additional offerings, including its data management software.

The company counts the likes of Pixar and NASA among its customers, and has seen significant adoption in the wake of the AI boom, with many AI clouds and GPUaaS customers using its platform due to its ability to store structured, semi-structured, and unstructured data in one place, speeding up data retrieval and reducing the cost of model training and inference.

In 2024, Vast unveiled an AI architecture for data centers, developed in partnership with Nvidia and built on Nvidia BlueField-3 data processing unit (DPU) technology, making it possible to "disaggregate the entirety of Vast’s operating system natively into AI computing machinery, transforming supercomputers into AI data engines."

Over the past year, the likes of Akamai Technologies, Fluidstack, Crusoe, and GMI Cloud, have all signed agreements with Vast to use its solutions.