Nvidia-Backed Vast Data Raises $1 Billion, Triples Valuation to $30 Billion

Nvidia Corp.-backed Vast Data Inc., which makes software for storing data for artificial intelligence tasks, said it has raised about $1 billion and more than tripled its valuation to $30 billion.

The funds are divided between primary and secondary capital, in which employees and early investors can sell their shares, giving Vast Data flexibility as to whether and when to take the steps toward an initial public offering, Renen Hallak, the company’s co-founder and chief executive officer, said in an interview. The round was coled by Drive Capital and Access Industries, and included participation from existing investors like Nvidia, Fidelity and NEA.