Alphabet's CapitalG also interested in investing.
Vast Data is reportedly looking to raise capital at a $30 billion valuation.
The company is said to be in talks with investors, including Alphabet's CapitalG and Nvidia, Reuters reports, citing two sources.
The exact amount being raised was not shared, but it is said to be in the realm of several billion dollars, with tech giants, private equity, and venture capital investors being targeted.
Nvidia declined to comment to Reuters, while Vast Data and CapitalG did not respond.
DCD has contacted Vast Data for further information.
Vast Data creates storage technology - using flash drives and other off-the-shelf hardware combined with specialized software - for large AI data centers and to improve the movement of data between GPUs.
The company unveiled an AI architecture for data centers in 2024 that was developed in partnership with Nvidia and built on Nvidia BlueField-3 data processing unit (DPU) technology, making it possible to "disaggregate the entirety of Vast’s operating system natively into AI computing machinery, transforming supercomputers into AI data engines."
The company counts the likes of CoreWeave and xAI among its customers, and has signed recent deals with the likes of Akamai Technologies, Fluidstack, Crusoe, and GMI Cloud.
The company was previously said to have been seeking funding towards the start of this year at a $25 billion valuation.
The most recent and confirmed capital raise was Vast Data's Series E funding round in 2023, which valued the company at $9bn. At that time, Vast was reporting an annual recurring revenue of around $200 million, which CEO Renen Hallak said had grown around 2.5 to three times in May 2024.
In total, Vast has raised $381m over its funding rounds, with investors including Fidelity Management & Research Company, NEA, BOND Capital, and Drive Capital.
The company has also previously said it would consider an initial public offering, but no specific date has been provided.
