CAMPBELL, Calif.–(BUSINESS WIRE)–Please replace the version dated January 4, 2022 with the following corrected version due to multiple revisions.
The updated version reads as follows:
WEKA Increases Funding to $140M to Accelerate Enterprise AI Data Platform Adoption
WEKA, the data platform for AI, today announced that Hitachi Ventures has led its recent fundraising round of $73 million, bringing the total amount raised to $140 million. Other investors participating in this round were strategic investors including Hewlett Packard Enterprise, NVIDIA, Micron and Digital Alpha, and financial investors including MoreTech Ventures, Ibex Investors and Key 1 Capital. The company will use the funds to accelerate go-to-market, operations and engineering activities.
WEKA experienced tremendous customer velocity in FY21 (ending November 2021), driving >2x growth in ARR (annual recurring revenue), >125% growth in new customers, and with the deployment of WEKA in 18 years New countries globally. WEKA has also been recognized by Gartner as a Visionary Magic Quadrant. This momentum continues in 1Q’FY22, meeting its revenue target of 1QFY22 in the first 14 days of the quarter.
“The Global 1000 are now aggressively integrating artificial intelligence and machine learning practices and technology into their core business processes, creating new products and services that were previously impossible to imagine,” said said Liran Zvibel, co-founder and CEO of WEKA. “GPUs and accelerated computing technologies are rapidly replacing traditional CPU computing at 100 to 1000 times higher performance, shifting the AI bottleneck from CPU access to data access and creating a huge opportunity of market for WEKA’s modern data platform for AI. At WEKA, we have built the best data platform technology for cloud and AI, alongside selling betting motion the most innovative market through public cloud providers and large server providers, being a true software company. Our latest round will allow WEKA to deliver better and faster results to more customers and better integration with our ecosystem .”
The oversubscribed funding round was led by Hitachi Ventures. “WEKA’s market-leading, high-performance, scalable data platform enables data-driven organizations to accelerate research, analytics, and other data-intensive applications, resulting in results that accelerate time to market and provide competitive advantage,” said Jun Abe, Chairman of the Board of Hitachi Vantara LLC. “As the volume of unstructured data soars, CIOs and IT professionals are now turning to WEKA’s object storage and distributed file solution to support modern GPU workloads, high-performance data analytics, artificial intelligence, and machine learning to make faster, more accurate decisions from their data.”
Additionally, MoreTech Ventures, Ibex Investors and Key 1 Capital added:
“WEKA’s unique unified software solution addresses the requirements of operating in large data-intensive environments to unlock the full potential of artificial intelligence and deep learning for Fortune-500 customers in the areas of finance, healthcare, life sciences and GPU-enabled environments,” said Zack Keinan, founding partner of MoreTech Ventures. “With the explosion of unstructured data and the migration of on-premises AI workloads to the cloud, WEKA is delivering what its customers need better than anyone: a data platform for AI with scale. unlimited and unparalleled performance.”
“The speed at which we are seeing the enterprise AI market grow is staggering,” said Gal Gitter, Partner and Managing Director of Ibex Investors. “We are seeing a massive increase in the use of AI/ML and HPC applications that are driving new products and services for enterprises. However, supporting these applications at scale involves some really tough storage challenges or trade-offs. This is where WEKA comes in, enabling tremendous acceleration for enterprise AI applications: from ingest to cleaning to storage. WEKA has been adding customers and partners at an explosive rate, and we Couldn’t be more excited to support them. Simply put, if your business is serious about AI: you need WEKA.”
“WEKA’s technology is revolutionary, especially in the area of high performance computing and AI/ML,” said Danny Akerman, founding partner of Key 1 Capital. “Its software-defined storage approach is unique and has proven invaluable in rapidly expanding its customer base and accelerating revenue growth. We are delighted to join WEKA’s strong investor base and management team at this transformative time in the life of the company.
Additionally, additional comments were provided by strategic investors Hewlett Packard Enterprise, Digital Alpha and Micron:
“WEKA offers a modern flash data platform ideal for modern workloads with large GPU clusters,” said Paul Glaser, vice president and head of Hewlett Packard Pathfinder. “With their recent Ezmeral validation, we look forward to further commercial success together in the future.”
“As investors in digital infrastructure, we see enterprise AI as a very attractive segment,” says Rick Shrotri, managing partner at Digital Alpha, “and we are excited to be investors in the platform. -WEKA’s market-leading AI data form”.
“The continued participation of growth-stage strategic investors is a valuable performance measure for any growing business,” said Intekhab Nazeer, CFO of WEKA. “I am very pleased that this round has brought us significant investment from many of our existing investors, as well as new investors, including Hitachi Ventures, Digital Alpha’s Digital Infrastructure Fund, Micron Ventures, Ibex Investors, MoreTech Ventures and Key 1 Capital. We are now extremely well positioned to accelerate our end-to-end operations, engineering, and go-to-market activities for the next wave of enterprise AI.”
For more information or to schedule a demo, please visit www.weka.io.
WekaIO™ (WEKA), the leading data platform for driving market-leading results in artificial intelligence/machine learning (AI/ML), life science research, and High Performance Computing (HPC) is used by eight of the Fortune 50 enterprise organizations to uniquely solve the latest and greatest problems that are holding back innovation and discovery. WEKA solutions are specifically designed to prepare for the future of the accelerated and agile data center. Optimized for NVMe-flash and hybrid cloud, its advanced architecture handles the most demanding storage challenges in the most data-intensive technical computing environments, delivering truly epic performance at any scale, enabling organizations to maximize the total value of their data center investments. WEKA helps the company solve big IT infrastructure problems to accelerate business results and accelerate productivity. For more information, visit https://www.weka.io.
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