Company Achieves Unicorn Status in Oversubscribed Round Led By Valor Equity Partners with Participation From NVIDIA, Generation Investment Management, Atreides Management and Others to Spur Continued Hypergrowth
CAMPBELL, Calif., May 15, 2024 /PRNewswire/ -- WekaIO (WEKA), the AI-native data platform company, has raised $140 million in an oversubscribed Series E funding round comprised of a combined primary and secondary transaction led by Valor Equity Partners, a previous investor in the company. Under the terms of the deal, Valor's founder, CEO and Chief Investment Officer, Antonio Gracias, will join WEKA's board.
The round brings WEKA's post-money valuation to $1.6 billion. The funds will augment the company's considerable cash reserves, giving it ample options for how it can scale its business rapidly to meet accelerating global demand for AI-native data infrastructure while expanding its investments in developing its data platform software and providing liquidity to WEKA employees.
With over 300 of the world's largest AI and GPU deployments running on the WEKA® Data Platform, the investment comes at a time of unprecedented business growth as the company expands to meet significant global demand for modern data infrastructure that efficiently and sustainably addresses the scale and performance demands of advanced technologies like generative AI and high-performance GPUs.
"The recent acceleration of generative AI and enterprise cloud adoption has triggered a sharp increase in customer demand, driving an unprecedented number of eight-figure ARR deals-an impressive feat when you factor in that WEKA is a software-based business," said Intekhab Nazeer, chief financial officer at WEKA. "It was an opportune time to fortify our cash reserves, allowing our investors to increase their position in the company while minimizing share dilution for our employees."
WEKA's Series E round is unique in that it was raised entirely with existing investors, like Valor, seeking to increase their positions in the company. Generation Investment Management, NVIDIA, Atreides Management, 10D, Hitachi Ventures, Ibex Investors, Key1 Capital, Lumir Ventures, MoreTech Ventures, and Qualcomm Ventures joined Valor in contributing to the round.
"The continued backing of this preeminent group of investors speaks volumes: WEKA is building something truly transformative that modern data-driven organizations need now, more than ever," said WEKA cofounder and CEO Liran Zvibel. "We are grateful to our returning backers for their support and are honored to welcome Antonio Gracias to our board of directors. Antonio has played a pivotal role in helping build some of the world's most innovative and disruptive companies. We look forward to collaborating with him as we scale to create new value for WEKA's customers, partners, and shareholders."
WEKA began architecting a wholly new approach to the enterprise data stack in 2013 that has set the standard for modern data infrastructure in the AI era. WEKA's software can be deployed anywhere, delivering unparalleled speed, simplicity, scale and sustainability for GPUs, AI and other performance-intensive workloads, helping customers to achieve faster insights, discoveries, breakthroughs, and business outcomes.
"WEKA pioneered the concept of a software, platform-based approach that is revolutionizing modern enterprise data, then forged and hardened its technology in some of the largest, most demanding AI projects on the planet," said Antonio Gracias, CEO and chief investment officer at Valor Equity Partners. "Valor has a long history in the development of artificial intelligence, beginning with our investment in DeepMind in 2013, and we believe WEKA is positioned to be an integral part of the acceleration of the technology going forward. Valor is proud to partner with WEKA to support the company through its next phase of growth and beyond."
About Valor Equity Partners
Valor Equity Partners is an operational growth investment firm focused on investing in high-growth companies across various stages of development. For decades, Valor has served its companies with unique expertise to help solve the challenges of growth and scale. Valor partners with leading companies and entrepreneurs who are committed to the highest standards of excellence and the courage to transform their industries. For more information on Valor Equity Partners, please visit www.valorep.com.
About WEKA
WEKA is architecting a new approach to the enterprise data stack built for the AI era. The WEKA® Data Platform sets the standard for AI infrastructure with a cloud and AI-native architecture that can be deployed anywhere, providing seamless data portability across on-premises, cloud, and edge environments. It transforms legacy data silos into dynamic data pipelines that accelerate GPUs, AI model training and inference, and other performance-intensive workloads, enabling them to work more efficiently, consume less energy, and reduce associated carbon emissions. WEKA helps the world's most innovative enterprises and research organizations overcome complex data challenges to reach discoveries, insights, and outcomes faster and more sustainably - including 12 of the Fortune 50. Visit www.weka.io to learn more, or connect with WEKA on LinkedIn, X, and Facebook.
See why WEKA has been recognized as a Visionary for three consecutive years in the Gartner® Magic Quadrant for Distributed File Systems and Object Storage - get the report.
WEKA and the WEKA logo are registered trademarks of WekaIO, Inc. Other trade names used herein may be trademarks of their respective owners.
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