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- VAST
VAST Funding, Investors & Competitors
VAST has raised $644M across 3 funding rounds, most recently a $446M Series B in September 2026.
Last VAST funding round
$446M
Series B · Sep 2026
Cumulative funding VAST raised
$644M
across 3 funding rounds
Key investors in VAST
Tsinghua Holdings Capital
Matrix Partners China
Alibaba Group
Oriental Fortune Capital
Fortune Venture Capital
Baidu Ventures
Co-Stone Venture Capital
Angel Plus China
About VAST
VAST is an AI company building general-purpose 3D models for content production tools and user-generated content platforms.
Founded
2022
HQ
Website
Status
Privately held
Customer focus
B2B & B2C
Revenue model
Subscription, Usage-based
VAST Funding History
VAST has raised a total of $644M across 3 funding rounds.
VAST's first fundraising round was a $50M Series A in March 2026. The most recent completed round was a $446M Series B in September 2026.
VAST funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Sep 2026 | Series B | Matrix Partners China (lead); Fujian Industrial Investment; Tsinghua Holdings Capital; Core Energy Investment; 37 Interactive Entertainment; Vitalbridge Capital; Angel Plus China; Fortune Venture Capital; Z&Y Capital; 3H Health Investment; Jiangxi Financial Holdings; BlueFocus Communication; Hongtu Guangdian | $446M | VAST completed its Series B and Series B+ financing in September 2026, raising about ¥3 billion in total. The round was led by Matrix Partners China, with participation from Fujian Industrial Investment Fund, Fujian Venture Capital, and other strategic and financial backers. The capital was raised to support VAST’s expansion in AI 3D technologies, following a period of rapid fundraising that brought the company’s total financing to about ¥5 billion within six months. The investor mix included industrial players and state-backed funds, indicating both commercial and strategic support for the company’s product and market development. VAST is a China-based artificial intelligence company focused on AI 3D modeling and related technologies. The company had previously raised nearly $200 million in June 2026, reaching a $1 billion valuation, and operates in a sector that has been attracting significant investor interest as AI-generated 3D content and modeling tools scale commercially. |
| Jul 2026 | Series A | Beijing E-town International Investment & Development; 4399 Network; Tsinghua Holdings Capital; Geely Capital; Mouhua Science and Technology; Co-Stone Venture Capital; Chengdu High-tech Ceyuan Capital; Chengdu Science and Technology Venture Capital; Fosun Capital; Genesis Capital; Tanwan; INCE Capital | $147M | VAST Data exited its most recent fiscal year (prior to July 2026) with more than $500 million in Committed Annual Recurring Revenue (CARR), alongside positive operating margin and free cash flow. The company has surpassed $4 billion in cumulative bookings and delivered a Rule of X score of 228%, reflecting rapid growth and strong profitability driven by AI infrastructure demand. Strategic rationale centers on AI-driven new infrastructure, with VAST Data valued at $30 billion in its Series F financing. The company operates in the data infrastructure sector, leveraging positive operating margins and free cash flow to support expansion plans in AI markets. Financial terms were not disclosed. |
| Mar 2026 | Series A | Alibaba Group (lead); Hengxu Capital (lead); Oriental Fortune Capital; Beijing Artificial Intelligence Industry Investment Fund; Baidu Ventures; Primavera Capital Group; Yuanhe Capital | $50M | - |
Who has invested in VAST?
31 investors have backed VAST across its funding rounds, including Tsinghua Holdings Capital, Matrix Partners China, Alibaba Group, Oriental Fortune Capital, Fortune Venture Capital and Baidu Ventures.
Lead investors include Matrix Partners China, Alibaba Group and Hengxu Capital.
VAST Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jul 2026 | ||
| 1 | Lead | Sep 2026 | ||
| 1 | Participant | Jul 2026 | ||
| 1 | Lead | Mar 2026 | ||
| 1 | Participant | Mar 2026 | ||
| 1 | Participant | Mar 2026 | ||
| -- | 1 | Participant | Sep 2026 | |
| 1 | Participant | Jul 2026 | ||
| 1 | Participant | Sep 2026 | ||
| 1 | Participant | Jul 2026 | ||
| 1 | Participant | Sep 2026 | ||
| 1 | Participant | Mar 2026 | ||
| 1 | Participant | Mar 2026 | ||
This data is available for Pro users. Sign up to see all 31 VAST investors. Start Free Trial | ||||
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Start Free TrialVAST Competitors
VAST competitors include listed companies like Snowflake and Z.ai, and private ones like Anthropic, OpenAI, DeepSeek and Cognition.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $47B | - | $965B | 20.5x | ||
| Private | $25B | - | $852B | 34.1x | ||
| Publicly listed | $4.7B | ($1.3B) | $119B | 21.0x | ||
| Private | - | - | $50B | - | ||
| Private | $900M | - | $48B | 53.3x | ||
| Publicly listed | $108M | ($658M) | $46B | 65.9x |
VAST Public Comps
VAST is still privately-owned, but its public comps include Palantir, Snowflake, Z.ai, IonQ, MiniMax Group, Presight AI, Affle 3i, Ncino, Haizhi and C3.ai.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.5B | $1.5B | 92.6x | 58.1x | 285.0x | 97.4x | |||
| $4.7B | ($1.3B) | 25.6x | 21.0x | (94.1x) | 121.7x | |||
| $108M | ($658M) | 422.9x | 65.9x | (69.4x) | (73.0x) | |||
| $130M | ($531M) | 109.9x | 40.3x | (26.9x) | (39.1x) | |||
| $79M | ($1.9B) | 131.8x | - | (5.5x) | - | |||
| $825M | $214M | 6.3x | 5.4x | 24.4x | 20.8x | |||
| $282M | $67M | 7.4x | 6.7x | 31.3x | 29.5x | |||
| $595M | $65M | 4.3x | 4.0x | 39.0x | 15.8x | |||
This data is available for Pro users. Sign up to see all VAST competitors and their valuation data. Start Free Trial | ||||||||
Common questions about VAST
| When was VAST founded? | VAST was founded in 2022. |
| Where is VAST headquartered? | VAST is headquartered in Hangzhou, China. |
| Is VAST publicly listed? | No, VAST is a private, VC-backed company. |
| How much funding has VAST raised? | VAST has raised $644M across 3 funding rounds. |
| What was VAST's last funding round? | VAST's last funding round was a $446M Series B in September 2026, led by Matrix Partners China. |
| Who are VAST's investors? | VAST's investors include Tsinghua Holdings Capital, Matrix Partners China, Beijing E-town International Investment & Development, Hengxu Capital, Oriental Fortune Capital, Beijing Artificial Intelligence Industry Investment Fund, Fujian Industrial Investment, 4399 Network, Core Energy Investment, Geely Capital and 21 others. |
| Which companies are comparable to VAST? | Companies comparable to VAST include Anthropic, OpenAI, Snowflake, DeepSeek, Cognition and Z.ai. |
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