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Data management startup Weka nabs $140M at $1.6B valuation - SiliconANGLE

May 15, 2024 - siliconangle.com
Data management startup WekaIO Inc. has raised $140 million in a late-stage investment round led by Valor Equity Partners, with participation from Nvidia Corp., Qualcomm Ventures, and Hitachi Ventures, among others, valuing the company at $1.6 billion. Weka's platform, which can store billions of files, allows companies to implement a unified software layer across various storage environments, simplifying data management. The platform is particularly suited to powering artificial intelligence workloads, with features such as GPUDirect RDMA for faster information transfers and Converged Mode to ensure important workloads always have access to necessary resources.

Weka's customer base includes over 300 organizations, including Samsung Electronics, research institutions, and government agencies. The company claims to be generating over $100 million in annualized recurring revenue and expects to become cash flow positive by December. The funds from the latest investment round will be used to develop more features and provide liquidity for early employees.

Key takeaways:

  • Data management startup WekaIO Inc. has secured a $140 million late-stage investment, led by Valor Equity Partners, at a $1.6 billion valuation.
  • Weka's platform allows companies to implement a unified software layer across their various storage environments, managing up to several exabytes of data through a centralized interface.
  • The platform is particularly useful for powering AI workloads, capable of storing billions of files containing both structured and unstructured information.
  • Weka's installed base comprises over 300 organizations, including Samsung Electronics, research institutions, and government agencies, and is generating more than $100 million in annualized recurring revenue.
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