- Exited its third year with nearly $300 million book rate at 90% gross margin, 3.8x YoY
- Positive cash flow since last round of financing, fueled by an average sale price of $1.2 million
- Net revenue retention (NRR) of more than 300%; recommended by 100% of customers surveyed
- VAST is fast becoming the database for a $400 billion AI data platform opportunity
VAST Data, the data platform company for the AI-powered world, today unveiled its massive global growth in fiscal year 2022 (ending January 31, 2022). During this time, VAST has experienced unprecedented customer adoption and diversification, financial performance, and international expansion. Customers now rely on VAST Data Universal Storage software to manage and process more than three exabytes of information globally.
In only its third year of sales, VAST grew 3.8 times year-over-year (YoY), ending the year with nearly $300 million in software bookings. VAST Data ended its year with positive cash flow, only adding to its cash balance since announcing its Series D funding in April 2021.
Key success metrics and business strategies that have supported VAST’s hypergrowth in FY22 include:
- Unprecedented customer growth. VAST more than doubled its customer list year-over-year, spanning all industries including self-driving, life sciences, media and entertainment, financial commerce and government institutions with increasing demand in new market segments. On average, VAST’s software manages approximately 12 petabytes (PB) per customer, with the company’s largest customer having already selected VAST software to manage over 240 PB of data.
- Predictable and scalable business. Clients continue to love and evolve their VAST investments. Net revenue retention (NRR) exceeded 300% in FY22, demonstrating massive data growth and confidence in Universal Storage from existing VAST customers.
- Universal storage is universally appreciated. VAST Data received extremely high ratings as reported in the Gartner Peer Insights anonymous customer review program. VAST customers had the highest recommendation rating, with 100% of organizations submitting reviews indicating that they would recommend Universal Storage.
- Global expansion. VAST has expanded its operations across five continents, creating new teams in the UK, France, Germany, Israel, Turkey, Czech Republic, Middle East, Australia, New Zealand and Korea. FY23 will see further expansion in the Benelux region, Switzerland, Italy, Spain, the Nordics and Japan. Additionally, the company nearly doubled its headcount from the prior year and expects to continue this growth trajectory in its FY23.
- A transparent software offer. In April 2021, VAST changed the industry with its Gemini offering, a new business model that combines the business benefits of software with the simple appliance experience customers love, aligning VAST’s business goals with the needs of its customers. clients. Adoption of the Gemini model by VAST customers has been both rapid and comprehensive, resulting in strong annual recurring revenue (ARR) and a business model based on software gross margins.
- Disrupt legacy strongholds, accelerate new discoveries. Over the past year, customers have turned to VAST’s universal storage platform to help solve their mission-critical data challenges. For AI, VAST is working with companies like NVIDIA to move from experimental AI to production AI in the enterprise. For data protection, VAST breaks the traditional model of purpose-built backup appliances, working with partners like Commvault to bring fast backups and fast restores for instant data recovery in the event of a disaster. ransomware attack, disaster or dishonest employee. And for data analytics, clients like Agoda (a subsidiary of Booking Holdings) have chosen VAST as the data science backbone for its big data and machine learning environment.
Looking at the recent history of start-ups across the enterprise data stack, VAST far exceeds the time horizon at $300 million in annual run rates. VAST Data was able to reach this software milestone only in just three years of sales, whereas many of today’s most successful software and SaaS companies have taken up to a decade to reach a similar milestone. Read this blog post by Jeff Denworth of VAST Data for further analysis.
“It’s no exaggeration to say that data means everything,” said VAST Data Founder and CEO Renen Hallak. “From groundbreaking medical research to award-winning cinematic experiences, VAST customers strive to push the boundaries of what is possible in various aspects of our daily lives. Our single goal is to power AI-driven innovation with accessible and infinitely scalable data intelligence. It’s incredible what we’ve accomplished in just a few years — and we’re just getting started.
AI continues to drive the need for new, high-performance data platforms that can easily scale as organizations’ data demands increase. This significant growth comes as ARK Invest and others forecast that the market capitalization of AI software and hardware companies could grow at an annualized rate of around 50%, reaching $87 trillion by 2030. Of that, data platforms that power AI are expected to represent a $400 billion market over the next decade.
With its Universal Storage Platform, VAST has created a next-generation all-flash data platform that addresses the challenges and trade-offs of scale, performance, efficiency, and cost to better meet the demands today’s data-overwhelmed, AI-powered businesses in a new era of artificial intelligence. Maintaining constant application availability and integrity is equally important to realizing the benefits of Universal Storage’s key features. The company has achieved an impressive milestone over the past year, achieving 99.9999% data availability across the entire install base. Read this blog post to learn more about VAST’s impressive achievement of the rule of nines with its universal storage platform.
Visit the VAST website for feedback on how VAST Data helps customers around the world solve their data problems.
“The way organizations interact with data has evolved tremendously over the past two decades, and legacy solutions are no longer compatible with modern needs,” said Tom Mendoza, current member of the VAST Data Board and former president and vice – Chairman of NetApp. “By simplifying data architecture and eliminating the need to choose between performance and cost, VAST has raised the bar for this industry.”
“Only a few enterprise storage vendors have started with a clean sheet of paper to create a software-defined storage architecture optimized for large-scale data storage and computing technologies, and VAST Data is by far the most capable of these suppliers,” said Eric Burgener. , vice president of research, infrastructure systems group at IDC. “Its continued revenue growth rates make a compelling case that it is the storage architecture of the digitally transformed future.”
“VAST Data has quickly established itself as a benchmark in the crowded data infrastructure market, charting a unique path to become one of the leading data platform companies for the future of AI,” said Daniel Newman. , principal analyst and founding partner at Futurum Research.