$118 million Series E is closed by Big Data, double-valuing

 $118 million Series E is closed by Big Data, double-valuing

The $118 million Series E funding round led by Fidelity Management & Research Co. allowed AI data platform firm Vast Data to raise $9.1 billion for its valuation.

The previous value, which was established in 2021 at $3.7 billion, has significantly increased to the current amount. Drive Capital, Bond Capital, and New Enterprise Associates were among the other participants in the latest round.

Vaast's data storage platform enables businesses to handle both structured and unstructured data to provide insights. It is suited for AI workloads in the datacenter and cloud.

Co-founder and CEO Renan Hallak said in a statement that "a new AI data stack is needed." In the era of artificial intelligence and deep learning, having a sufficient amount of well-organized, well categorized, and timely access to high-quality data is essential for achieving true effectiveness. The AI architecture offered by the VAST Data Platform makes it possible for automated discovery to lead to solutions for some of the most difficult problems facing mankind.

The business has already seen rapid expansion. Vast Data's total software bookings exceeded $1 billion at the conclusion of its fiscal third quarter, growing at a pace of 3.3 times annual growth. It has also had positive cash flow for the last twelve quarters.

The Information first revealed the revised value earlier this week. That article states that the business plans to repurchase shares from current owners using a portion of the proceeds from the new round.

The recent performance of Fidelity

This isn't Fidelity Management & Research's first eye-catching action of the week.

It oversaw a $642 million minority investment on Monday that increased Coreview's value to $7 billion in the AI cloud infrastructure market. As to Bloomberg's report, the business has raised its Series B at a value of $2 billion in late May, marking a substantial increase in valuation.

The unquenchable hunger of investors for AI-related infrastructure platforms and solutions is further shown by these values.

According to Crunchbase, Vast was founded in 2016 and has raised $381 million.