Remote-First-Company – March 15, 2023 – VAST Data, the data platform company for the AI era, today announced record-breaking growth for its fiscal year 2023, posting its best year and best quarter in the company’s history.
VAST went from $1 million in annual recurring revenue (ARR) to $100 million in ARR within three years of selling – the fastest to reach that milestone in the data infrastructure industry. Looking year over year, VAST grew its ARR by more than 2.5 times, while maintaining a gross margin of 90 percent. The company also demonstrated consistent cash flow positivity for the third consecutive year, while outgrowing the market 76 times the industry average during the same period, defying all historical norms.
Additionally, in the past year, VAST saw continued growth in its acquisition of new customers, quadrupling the number of Fortune 1000 customers, with its top one hundred new customers spending more than $1.2 million on average. The company also had key wins in high-performing verticals including life sciences organizations, financial services companies, research institutions and universities, media and entertainment studios, as well as prominent U.S. federal agencies. Adoption continues to expand across Asia, Africa, North America, Europe, and Australia, all supported by the VAST worldwide team that has now exceeded 500 employees globally.
Breaking tradeoffs and breaking records has been a consistent theme for VAST throughout the year, and we’ve done this by focusing on a single ethos to ‘challenge everything,’” said Renen Hallak, Founder and CEO of VAST Data. “Last year marked an inflection point for VAST as the explosion in machine data and AI propelled us beyond early adopter customers into more established, global enterprises who are looking to deploy innovative, yet proven technologies into their data stack.
VAST closed the year with more than eight exabytes of licensed capacity under management. In February of 2023, VAST unpacked an early preview of its larger data platform agenda by announcing its most extensive software release to date. This software release provides new capability for data-driven enterprises and cloud service providers, synthesizing the semantic layer with the data layer (VAST Data Catalog), adding quality of service and multi-tenancy features for scalable data service delivery, and incorporates machine learning to provide predictive tools for customers to manage their data estate more easily.
“Data is the lifeblood of all modern enterprises and we’re excited to reveal our plans later this year solidifying VAST as the company providing the full-stack for deep learning infrastructure,” added Hallak.
The company announced strategic partnerships with leading ecosystem providers including:
NVIDIA, to build the data foundation for AI superclusters.
Veeam, to empower enterprise organizations to eliminate the threat of extended downtime following a ransomware attack.
Vertica, to help enterprises consolidate their structured and unstructured data silos to democratize data for real-time data exploration, analytics, and insights.
Commvault, to provide an integrated, modern data protection solution with superior safeguards for organizations looking to protect their data from looming cyber threats or natural disasters.
Dremio, to enable enterprises to get from data to insights faster with a hybrid, multi-cloud architecture for scalable analytics, regardless of physical location – on-premises or in the public cloud.
VAST also received several prestigious awards and recognition throughout the year, including:
Fast Company Most Innovative Companies– Featured among companies that are setting the standard for innovation with some of the greatest accomplishments of the modern world.
Forbes America’s Best Startup Employers for 2023– Ranked No. 16 out of the 500 honored on Forbes’ 2023 list of best startup employers, and was ranked No. 3 among the 81 technology companies included on the list.
Deloitte Fast 500– Ranked 5th among North America’s fastest-growing tech companies.
Ranked #1 for Analytics Use Case in Gartner Critical Capabilities Report– Received the highest product score (scoring 4.14 out of 5) among all vendors evaluated.
Gartner Magic Quadrant™ for Scale-Out Unstructured Data Infrastructure– Recognized in the Challenger Quadrant for thinking differently and challenging the status quo.
CRN Emerging Vendor of the Year– Recognized for helping channel partners build and grow a profitable business.
“VAST Data is focused on shattering the architectural and business tradeoffs that have complicated IT for decades,” added Jeff Denworth, Co-Founder and CMO of VAST Data. “This is the year we will unpack the fullness of our vision and help organizations understand a radical new platform value that can be realized when a product architecture is built beyond the conventional definitions of data infrastructure. We can’t wait to show the world where we’re going.”
To learn more about the announcement and how VAST has ‘crossed the magic threshold’ read the latest blog from Jeff Denworth.