WEKA Nets $140M in Series E Funding at $1.6B Valuation

Company Achieves Unicorn Status in Oversubscribed Round Led By Valor Equity Partners with Participation From NVIDIA, Generation Investment Management, Atreides Management and Others to Spur Continued Hypergrowth

CAMPBELL, Calif., May 15, 2024 /PRNewswire/ -- WekaIO (WEKA), the AI-native data platform company, has raised $140 million in an oversubscribed Series E funding round comprised of a combined primary and secondary transaction led by Valor Equity Partners, a previous investor in the company. Under the terms of the deal, Valor's founder, CEO and Chief Investment Officer, Antonio Gracias, will join WEKA's board.

The round brings WEKA's post-money valuation to $1.6 billion. The funds will augment the company's considerable cash reserves, giving it ample options for how it can scale its business rapidly to meet accelerating global demand for AI-native data infrastructure while expanding its investments in developing its data platform software and providing liquidity to WEKA employees.

With over 300 of the world's largest AI and GPU deployments running on the WEKA Data Platform, the investment comes at a time of unprecedented business growth as the company expands to meet significant global demand for modern data infrastructure that efficiently and sustainably addresses the scale and performance demands of advanced technologies like generative AI and high-performance GPUs.

"The recent acceleration of generative AI and enterprise cloud adoption has triggered a sharp increase in customer demand, driving an unprecedented number of eight-figure ARR deals—an impressive feat when you factor in that WEKA is a software-based business," said Intekhab Nazeer, chief financial officer at WEKA. "It was an opportune time to fortify our cash reserves, allowing our investors to increase their position in the company while minimizing share dilution for our employees."

WEKA's Series E round is unique in that it was raised entirely with existing investors, like Valor, seeking to increase their positions in the company. Generation Investment Management, NVIDIA, Atreides Management, 10D, Hitachi Ventures, Ibex Investors, Key1 Capital, Lumir Ventures, MoreTech Ventures, and Qualcomm Ventures joined Valor in contributing to the round.

"The continued backing of this preeminent group of investors speaks volumes: WEKA is building something truly transformative that modern data-driven organizations need now, more than ever," said WEKA cofounder and CEO Liran Zvibel. "We are grateful to our returning backers for their support and are honored to welcome Antonio Gracias to our board of directors. Antonio has played a pivotal role in helping build some of the world's most innovative and disruptive companies. We look forward to collaborating with him as we scale to create new value for WEKA's customers, partners, and shareholders."