The CEO of a data-storage startup that just closed a new $100 million funding round shares his secrets for reaching unicorn status even when the world is in crisis
"We see storage as the anchor of the data center and expect to expand beyond storage and provide that next-generation infrastructure for the new applications," he told Business Insider.VAST previously raised $80 million from investors including Goldman Sachs and venture capital firm 83North. And $40 million of that has yet to be touched.That's part of his overall effort to balance expansion with cash flow — in contrast to the typical grow-at-all-costs path some unicorns take.
That means companies with large amounts of data often had to move certain information to a faster tier when it was needed, then move it back down into the archive when it was no longer required. Take a hedge fund like Square Point. Prior to more advanced analytics tools, the investment firm may have only reviewed trading data as far back as two weeks. And the process could take several hours.
The National Institutes of Health is also using VAST's storage solution for research on the coronavirus. Life sciences firm Ginkgo Bioworks employs the system for its genomics studies. And medical imaging and AI firm Zebra analyzes CT and MRI scans stored on the platform.Like other startups that launch fundraising rounds at the start of the year, VAST had to grapple with the operations disruption from the coronavirus pandemic.
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