VAST Data grows to $300m bookings run rate in 3 years

VAST Data has sold enough of its all-flash array software to reach a $300m bookings run rate just three years after it first launched its product.

The Universal Storage offering uses certified scale-out hardware based on Xeon controllers, QLC (4bits/cell) SSDs, Optane or other storage-class memory drives for metadata management, and a DASE (Disaggregated Shared Everything) file system with data reduction, thin provisioning, and other efficiency features. VAST says its system provides disk-array-class costs in a single tier setup covering primary and secondary storage needs, such as backup.

Renen Hallak

VAST Data founder and CEO Renen Hallak said in a statement: “Our singular goal is to empower AI-driven innovation with accessible, infinitely scalable data intelligence. What we’ve accomplished in just a few years is incredible – and we’re just getting started.”

The company says that, since its launch in February 2019, it has become the fastest-selling infrastructure startup in history. It closed out its third fiscal year at the end of January by growing 3.8x year-over-year, with nearly a $300m software bookings run rate. 

Last year it claimed it had reached a $150m bookings run rate. That was for both hardware and software. It exited the hardware business in April 2021, switching to a Gemini-branded subscription software business model. Avnet supplies the certified hardware.

The company more than doubled its customer count in the last year with an average 12PB of capacity per customer and one managing more than 240PB. Net revenue retention (NRR) exceeded 300 per cent in the year, demonstrating good data growth from existing customers. Its systems recorded 99.9999 per cent data availability across the entire installed base.

VAST Data ended its year cash flow positive, having added to its cash balance since its Series D funding was announced in April 2021.

VAST expanded its business infrastructure in 2022 across the UK, France, Germany, Israel, Turkey, the Czech Republic, the Middle East, Australia, New Zealand, and Korea. It aims to go further this year, moving into the Benelux region, Switzerland, Italy, Spain, the Nordics, and Japan. 

The company nearly doubled its headcount in the past year and expects to hire more people this year, potentially doubling again.

VAST sees it has huge room for growth as the total addressable market for data platforms that power AI is predicted to represent a $400bn market over the next decade.