Vast Data has closed a $1 billion Series F financing round at a $30 billion valuation, with Nvidia $NVDA among the investors backing the AI data infrastructure company, the company said April 22.
Drive Capital and Access Industries co-led the round. Fidelity Management & Research Company and NEA also participated as existing investors. The financing included both primary and secondary capital, Vast Data said.
The $30 billion valuation represents more than a threefold increase from the $9.1 billion valuation the company reached in its Series E round in late 2023.
Established eight years ago, the company builds software infrastructure aimed at handling massive data volumes, particularly for AI use cases. The company said its platform is used by customers including CoreWeave, the U.S. Air Force, Mistral AI, and Cursor, supporting environments that power millions of GPUs.
Cumulative bookings have topped $4 billion, Vast Data said, and heading into the new fiscal year the company carried more than $500 million in committed annual recurring revenue alongside positive operating margin and free cash flow.
Primary proceeds from the round will be used to expand Vast Data's technology footprint and partnerships and to support global growth, the company said.
"The scale and speed of AI adoption are creating a new class of infrastructure company," Drive Capital co-founder and partner Chris Olsen said in a statement. "VAST is emerging as the clear leader in this category, with the architecture and momentum to support the world's most demanding AI environments."
Over the past year, CNBC reports, Nvidia has moved aggressively to deepen its investment presence among private startups. Among this year's deals, the chipmaker joined funding rounds at AI laboratories OpenAI, Anthropic, and xAI, and also put money into cloud provider Nscale and self-driving startup Wayve, according to CNBC.
AI companies around the world have pulled in a record $280.5 billion from investors so far this year, according to CNBC, which cited figures from Dealroom.