the industry's latest data-focused unicorn, valued at $1.6 billion, after closing an oversubscribed $140 million Series E funding round led by Valor Equity Partners. Industry giants Nvidia and Qualcomm Ventures also supported the round.
Serving data to AI training clusters looks very different from traditional approaches to enterprise storage. AI demands high-throughput and low-latency access to data that can scale without degradation to thousands of nodes. Traditional parallel file systems designed for HPC workloads only solve pieces of the problem, while conventional storage solutions struggle with the scalability and distributed nature inherent in AI training.
President Jonathan Martin said that that the company doesn't need all that it raised in its latest funding round. It maintains healthy cash reserves and is on a path to cash flow positivity by the end of 2024. The company has already achieved over $100 million in annual recurring revenue and is on a hyper-growth trajectory. Its data platform underlies over 300 of the world’s largest AI deployments.
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