(Reuters) -AI leader Nvidia-backed VAST Data said on Wednesday the data infrastructure company was valued at $9.1 billion in its latest funding round, more than double what it was worth two years ago.
It raised $118 million in the round led by Fidelity Management & Research. Venture capital firms New Enterprise Associates, BOND Capital and Drive Capital also took part.
The company was valued at $3.7 billion in 2021 when it raised capital from Tiger Global.
The latest round points to a revival in investments from venture capitals and private equity firms following a funding winter in 2022.
It also indicates that investors are starting to regain enough confidence in startups to reward them with high valuations.
A carnage in publicly listed technology stocks last year had prompted caution among investors and led to several down rounds, where companies raise funds at a substantial discount to their previous valuations.
VAST Data helps companies with their data-intensive computing needs. Its software lets clients catalog, refine and preserve data.
The company has more than 700 employees globally and said it has been entering new international markets, including Asia Pacific, Middle East and Europe.
Like its backer Nvidia, VAST Data has also been looking to expand its foothold in the AI space. Its software can help customers accelerate the training of large language models.
The AI space has been hailed as the next frontier for technology after OpenAI’s bot ChatGPT became a viral sensation late last year.
Several investors have flocked to the industry as corporations examine ways to integrate the technology into their businesses.
(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)
