Israeli-founded flash storage startup VAST Data announced on Thursday that it raised $100 million in a Series C funding round. The company, which only launched last February, now has a valuation of $1.2 billion.
The round was led by Siemens AG’s investment arm Next47, with participation from new investors and past investors like 83North, Commonfund Capital, Dell Technologies Capital, Goldman Sachs, Greenfield Partners, Mellanox Capital, and Norwest Venture Partners.
The round brings the company’s total funding to $180 million.
Vast Data said the new funding will be used to drive global expansion and accelerate the company’s next phase of growth.
Founded in 2016 by Israeli entrepreneurs Renen Hallak and Shachar Fienblit, Vast Data says it is “bringing an end” to complex storage tiering and hard disk drive usage by consolidating applications onto an all-flash storage system, which still enables servers to operate and scale independently.
“We started Vast Data with a single mission, to simplify the data center and to enable insights that were never before possible. In 2019, Vast’s early customer adoption and financial performance surpassed all historic benchmarks – validating that the technology and product-market fit were right for customers who are struggling under tiered storage architectures and the limitations of the hard drive,” said Hallak, who serves as CEO.
Vast Data customers include the US Department of Health and Human Services, US biotech firm Gingko BioWorks, Harvard Medical School, and Israeli AI firm Zebra Medical Vision.