Remote-First-Company | NEW YORK CITY – August 6, 2024 – VAST Data, the AI data platform company, has been named to the 2024 Forbes Cloud 100, the definitive ranking of the top 100 private cloud companies in the world, published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures.
VAST’s #47 ranking on the 2024 Forbes Cloud 100 list is a reflection of the company’s performance and position among industry peers. Key metrics presented to factor into VAST’s placement included:
VAST’s latest valuation is $9.1 billion, following a Series E in December 2023 that nearly tripled the company’s value.
VAST has been cashflow positive for the last three years.
VAST reached $200 million in ARR at the end of 2023.
Bessemer Venture Partners (BVP) introduced the Rule of X in January 2024. VAST’s Rule of X is 162%.
In addition to enabling enterprises to achieve AI-powered insights from all of their data across private and major public clouds, the VAST Data Platform has become integral to the next generation of AI cloud service providers across the globe, who are standardizing on VAST as their AI operating system in order to accelerate and democratize AI deployments and GenAI model training.
Earlier this year, Forbes also recognized VAST at #7 on its list of 2024 America’s Best Startup Employers.
It is an honor to see VAST included on this prestigious list among so many other incredibly innovative and successful companies in the field,” said Renen Hallak, CEO and co-founder of VAST Data. “VAST is on a mission to simplify AI adoption and pioneer the next frontier of innovation by delivering an AI data platform that enables the management of structured and unstructured data. Our placement on this list does well to signify the strength of our business and the AI opportunity ahead for VAST, our partners and most importantly our customers.
For the ninth consecutive year, the Cloud 100 reviews submissions from hundreds of cloud startups and private companies each year. The Cloud 100 evaluation process involved ranking companies across four factors: market leadership (35%), estimated valuation (30%), operating metrics (20%), and people & culture (15%). For market leadership, the Cloud 100 enlists the help of a judging panel of public cloud company CEOs who assist in evaluating and ranking their private company peers.
For nine years, the Forbes Cloud 100 list has recognized the leading private cloud companies in the world, from AI to work software, infrastructure to security,” said Alex Konrad, the Forbes editor of the Cloud 100. “This year’s list is the strongest group of standouts yet, with revenue, valuations and growth that will eventually make for historic IPOs.
Across nine years of data, we have yet to see as competitive of a cohort as the 2024 Cloud 100. The list value reached $820 billion this year, the highest list value in Cloud 100 history,” said Mary D’Onofrio, partner at Bessemer Venture Partners. “Unsurprisingly, AI is now the highest valued category. We continue to be excited by how AI companies are scaling rapidly, transforming the cloud, and propelling the next wave of growth, driving a massive year-over-year jump in market cap of the list of over $150 billion.
The past year, our industry has seen a generational step forward in innovation, and with AI leading the charge, we are witnessing one of the most important platform shifts in decades,” said Paul Drews, managing partner at Salesforce Ventures. “The Cloud 100 list represents the best of the best, and we've never been more excited about what the future holds, not only for the cloud but for the entire technology industry. We are proud of what these founders and their communities have already accomplished, and look forward to seeing how they continue to transform the industry in the future.
The Forbes 2024 Cloud 100 and 20 Rising Stars lists are published online at www.forbes.com/cloud100. Highlights of the list appear in the August/September 2024 issue of Forbes magazine