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Vast Data announced Wednesday that it has raised $1 billion in a new funding round, tripling its valuation to $30 billion as investor appetite for artificial intelligence infrastructure accelerates.
The Series F round was led by Drive Capital and Access Industries, with participation from Nvidia, Fidelity Management and Research Co. and NEA. The financing included both primary and secondary capital.
Founded in 2016, Vast Data develops software designed to store and process massive datasets used in artificial intelligence systems. Its technology underpins high-performance environments powering millions of GPUs, serving clients such as CoreWeave, xAI and the U.S. Air Force.
The latest valuation marks a sharp increase from the $9.1 billion level the company reached in 2023, reflecting surging demand for infrastructure that supports increasingly complex AI models.
Industry-wide, funding has soared as companies race to build out the backbone of the AI economy. Investors have already committed hundreds of billions of dollars this year, targeting sectors such as cloud computing, semiconductors and data management platforms.
"The pace of AI adoption is reshaping the infrastructure landscape," said a Drive Capital partner, noting that platforms capable of scaling efficiently are becoming critical to enterprise and government deployments.
Vast Data said it has surpassed $4 billion in cumulative bookings and exited its last fiscal year with more than $500 million in committed annual recurring revenue, signaling strong commercial traction.
The company plans to use proceeds from the raise to expand its global presence, deepen strategic partnerships and enhance its technology platform. It has also been strengthening ties with partners like CoreWeave, including a multibillion-dollar commercial agreement signed last year.
