Nvidia backs AI company Vast Data at $30 billion valuation

Vast Data announced a $1 billion funding round at a $30 billion valuation on Wednesday, with Nvidia among those backing the AI company.

Founded in 2016, Vast makes software infrastructure for managing large amounts of data, with a focus on AI applications. The company says it supports projects powering millions of GPUs. Customers include CoreWeave, Mistral, the U.S. Air Force and Cursor.

The fresh round sees Vast more than triple the $9.1 billion valuation it hit when it last raised in 2023.

Record funding has already been raised this year by AI companies globally, with investors writing checks to the tune of $280.5 billion, according to Dealroom. More than $170 billion has been raised by OpenAI, Anthropic and xAI.

Drive Capital and Access Industries led Vast Data's Series F. Fidelity Management and Research Co. and NEA participated, as well as Nvidia. The financing included primary and secondary capital.

"The scale and speed of AI adoption are creating a new class of infrastructure company," said Chris Olsen, co-founder and partner at Drive Capital, 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."

The company said it surpassed $4 billion in cumulative bookings and exited the previous fiscal year with more than $500 million in committed annual recurring revenue.

Nvidia has ramped up its financial backing of private startups in the past year as it has looked to cement its position at the heart of the AI boom.

So far this year, the chip giant contributed to major funding rounds for AI labs OpenAI, Anthropic and xAI, alongside others, including neocloud Nscale and autonomous driving company Wayve.