Hammerspace claims tenfold revenue growth for 2024

Hammerspace has reported a tenfold increase in revenue from 2023 to 2024, showcasing the confidence behind its recent hiring of Jeff Gianetti as chief revenue officer. As a private company, it doesn’t reveal revenue figures.

The startup, which orchestrates and manages data through a parallel NFS-based global namespace, was founded in 2018 by David Flynn to make an enterprise’s unstructured data accessible through one interface, appearing local to all users. In 2022, the company reported a 200 percent revenue increase compared to 2021. In June 2024, Flynn remarked: “For the first half of this year, we have already generated sales that are ten times higher than what we made for the whole of last year.” 

Assuming some allowance for hyperbole, this indicates that sales in the first half of 2024 outpaced those in the second half of 2023. Meta announced in early 2024 that Hammerspace was providing it with data orchestration software to support data feeds for two clusters of 24,576 Nvidia H100 GPUs used in training the Llama large language model. The company also recorded its first customer wins in Germany, the Middle East, and India in 2024. 

Flynn stated: “The days of proprietary software locking data to the systems that created it, risky and tedious manual data copies, and IT headaches caused by proprietary client-side software are over. Our 10X revenue growth in 2024 reflects how our Global Data Platform and data orchestration capabilities are redefining what’s possible ‒ unifying fragmented, siloed data and enabling industries to achieve unprecedented efficiency and innovation. The future of data isn’t just orchestrated; it’s limitless.” 

Hammerspace cited two primary drivers of its growth: the increasing demand for cost and power-efficient infrastructure to support GPU computing at scale, and the rapid adoption of hybrid cloud and multi-datacenter architectures. As an example of the first, the company announced a Tier 0 facility in November, using a GPU server’s direct-attached drives as part of a unified fast access multi-tier namespace, and has already booked its first sale for the facility.

Hammerspace in MLPerf Storage

The company also outperformed competitor WEKA and others in the MLPerf storage benchmark, signed a go-to-market partnership with Hitachi Vantara, and integrated Cloudian’s object storage last year. Hiring Gianetti away from WEKA’s CRO position underscores a competitive focus for Hammerspace.

In 2024, Hammerspace reported a 32 percent increase in its customer base and highlighted its expansion into new geographies, alongside “strong customer retention and account expansion metrics.” The company’s Gross Revenue Retention (GRR) exceeded 95 percent, “reflecting strong customer satisfaction and retention strength,” while Net Revenue Retention (NRR) surpassed 330 percent, showcasing organic growth within its customer base.

NRR measures revenue from a company’s existing customer base over a period, accounting for lost customers or downsells and including addition spending or upsells. An NRR above 100 percent indicates growth within the customer base, with greater growth potential as NRR rises further.

Hammerspace increased its headcount by 75 percent in 2024, focusing on go-to-market and customer support teams. It recently launched operations in Asia, establishing resources in China, South Korea, Japan, Singapore, and India. 

This expanding business is now Gianetti’s responsibility to grow further. The company aims to attract new customers and capitalize on the rising demand for AI-driven solutions and hybrid cloud file and object storage access to fuel its next phase of growth.