Artificial intelligence (AI) data platform company VAST Data has raised $118m in a Series E funding round.

Fidelity Management & Research Company led the round, with participation from New Enterprise Associates, BOND Capital, and Drive Capital.

The funding has nearly tripled VAST Data’s valuation to $9.1bn.

Launched in 2019, VAST Data caters to clients’ computing needs for data-intensive workloads, such as training AI models.

VAST Data said its platform can be used to gain new insights and value from both structured and unstructured data.

The data technology vendor plans to use the new funding to support its objective of offering a new class of infrastructure that focuses on systems’ ability to think, act, and learn around data.

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By GlobalData

VAST Data, which also counts NVIDIA as its backer, has formed industry partnerships with the likes of CoreWeave, Lambda and Core42.

With more than 700 workers globally, VAST Data is actively expanding its market share by entering new markets in Europe, the Middle East, and Asia Pacific.

Separately, in an interview with Reuters, Vast Data co-founder Jeff Denworth said the company could consider launching an IPO in 2024.

Depending on the market conditions, a 2024 IPO could be “on the cards”, Denworth confirmed.

VAST Data CEO and co-founder Renen Hallak said: “To be truly impactful in this era of AI and deep learning, you not only want to have a lot of data but also high-quality data that is correctly organised and available at the right place, at the right time.

“The VAST Data Platform delivers AI infrastructure that opens the door to automated discovery that can solve some of humanity’s most complex challenges.”

NVIDIA vice president of enterprise computing Manuvir Das said: “Data is every company’s most valuable asset. NVIDIA and Vast Data are collaborating to enable enterprises to harness their data using accelerated computing and cloud-based AI solutions to tackle their biggest challenges.”

Earlier in December 2023, Fidelity Management & Research Company led a deal to acquire a minority stake in CoreWeave.