VAST Data raises $83 million series D, tripling valuation to $3.7 billion in just one year
Tiger Global Management led the round for the Israeli-founded storage software company
Meir Orbach | 14:23 04.05.2021
Israeli-founded storage software company VAST Data announced on Tuesday that it has completed an $83 million series D led by Tiger Global Management at a post-money valuation of $3.7 billion, three times the company’s valuation from last April. The round features strong participation from NVIDIA and several other existing investors. VAST Data said that the success of the round was spurred by the company's rapid customer adoption and positive cash flow. The funds add to VAST’s series B and series C investments to create a balance sheet of $230 million. VAST, founded in 2016 by Israeli entrepreneurs Renen Hallak and Shachar Fienblit, ended its second year at nearly $100 million of annualized software run rate, having quadrupled its software business year over year, while also achieving cash flow positivity. These results will be catalyzed in 2021 and beyond by VAST’s new software consumption model called Gemini, which disaggregates the business of hardware and software and provides customers with additional commercial advantages to further the adoption of Universal Storage.