Vast Data has completed its Series F funding round, bringing in around $1 billion in capital at a $30 billlion valuation.

Also this week, hot cloud storage company Wasabi Technologies secured a $250 million credit facility.

Vast's Series F round has comprised both primary and secondary capital, the proceeds of which will be used to solidify its AI operating system's role in the AI ecosystem and fuel further growth.

The storage-turned-AI data platform and operating system provider has seen its valuation increase more than threefold since its last funding round, a Series E round that saw the company valued at $9bn at the end of 2023.

The latest funding round was led by Drive Capital, with Access Industries acting as co-lead, and included participation from existing investors, including Fidelity Management & Research Company, NEA, and Nvidia, alongside new investors.

The company has now surpassed $4 billion in cumulative bookings and exited the previous fiscal year with more than $500 million in Committed Annual Recurring Revenue (CARR), along with positive operating margin and free cash flow.

“We are already supporting AI environments spanning millions of GPUs globally, operating across every layer of the AI stack,” said Renen Hallak, founder and CEO of Vast Data. “What is becoming clear is that these layers are no longer independent. Applications, models, and infrastructure now operate as a single system through data. VAST sits at the center of how that system works, which is why we are seeing this level of demand at global scale.”

Chris Olsen, co-founder and partner at Drive Capital, added: “The scale and speed of AI adoption are creating a new class of infrastructure company.

"Vast is emerging as the clear leader in this category, with the architecture and momentum to support the world’s most demanding AI environments. The step-change in valuation reflects both that momentum and our conviction in Vast's role at the center of this market.”

Vast's AI OS underpins a number of the largest neoclouds ' AI platforms, including CoreWeave, Firmus, Nscale, and Fluidstack, among others.

Wasabi secures $250m credit facility

Meanwhile, hot cloud storage company Wasabi Technologies has secured a $250 million credit facility led by Bain Capital and with participation from US Private Credit Investments, a division of BTG Pactual Global Alternatives; Neuberger Specialty Finance; Energy Impact Partners; and Aksia.

According to the company, the funding will be used for continued investment in Wasabi's cloud storage platform, infrastructure, and for continued global expansion.

“This is a more selective private lending market, but we’ve built a strong, disciplined business that continues to attract support from leading financial institutions,” said Michael Bayer, EVP and chief financial officer, Wasabi Technologies. “We’re investing in our infrastructure to meet growing demand for data, especially as AI and modern applications require scalable, accessible storage.”

“Wasabi’s growth trajectory, strong fundamentals, and expanding global customer base reflect the growing need for reliable, cost-effective cloud storage,” said Andrea Lucido, director at Bain Capital. “The company is delivering innovative and secure data infrastructure at a time when data is becoming increasingly critical to how enterprises operate, make decisions, and adopt technologies such as AI.”

Lincoln International served as Wasabi’s exclusive financial advisor and placement agent on this transaction.

The funding comes shortly after Wasabi acquired Lyve Cloud from Seagate Technology. At the start of this year, Wasabi raised $70 million in an equity funding round that valued the company at $1.8 billion. The round was led by L2 Point Management with participation from Everpure (previously Pure Storage) and existing investors, including Fidelity Management & Research Company.