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Storage Software Vendor WEKA Announces Oversubscribed Series C2 Round and Positions Itself for Rapid Growth

Publisher IDC
Published Mar 23, 2022
Length 5 Pages
SKU # IDC17050663

Description

Storage Software Vendor WEKA Announces Oversubscribed Series C2 Round and Positions Itself for Rapid Growth

This IDC Market Note reviews WEKA's recent performance and how the company is opening new opportunities for enterprise customers with its artificial intelligence (AI)–driven market focus and preparing for rapid future growth by infusing significant new enterprise storage expertise into its DNA. In January 2022, WEKA, a software-defined data platform company, announced it has extended its Series C funding, raising an additional $73 million in capital in an oversubscribed second round led by Hitachi Ventures that brings the company's funding raised to $140 million to date. WEKA's financial performance in 2021 exhibited significant market traction and momentum, and the vendor is focusing on a set of use cases in the enterprise that are driving significant revenue growth and new customer acquisition: AI-driven workloads. "Artificial intelligence workloads will drive the highest data infrastructure growth rates over the next five years," said Eric Burgener, research vice president, Infrastructure Systems, Platforms and Technologies, at IDC. "Much of this growth is coming from enterprises deploying scale-out storage platforms for unstructured data. Vendors able to capitalize on this market opportunity should experience rapid growth, and their performance over the past year shows that WEKA is serving this growing market need extremely well."

Please Note: Extended description available upon request.

Table of Contents

5 Pages
Executive Snapshot
In This Market Note
IDC's Point of View
WEKA Differentiation
Learn More
Related Research
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