VAST Funding, Investors & Competitors

VAST has raised $644M across 3 funding rounds, most recently a $446M Series B in September 2026.

See full VAST profile

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

VAST Overview

About VAST

VAST is an AI company building general-purpose 3D models for content production tools and user-generated content platforms.


Founded

2022

HQ

ChinaHangzhou

Website

vast3d.ai

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

VAST funding rounds
DateStageInvestorsRaisedDeal Summary
Sep 2026Series BMatrix 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$446MVAST 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 2026Series ABeijing 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$147MVAST 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 2026Series AAlibaba 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

Investors in VAST by funding rounds participated
InvestorHQRoundsRoleFirst check
Tsinghua Holdings CapitalChinaBeijing2ParticipantJul 2026
Matrix Partners ChinaChinaBeijing1LeadSep 2026
Beijing E-town International Investment & DevelopmentChinaBeijing1ParticipantJul 2026
Hengxu CapitalChinaShanghai1LeadMar 2026
Oriental Fortune CapitalChinaShenzhen1ParticipantMar 2026
Beijing Artificial Intelligence Industry Investment FundChinaBeijing1ParticipantMar 2026
Fujian Industrial Investment--1ParticipantSep 2026
4399 NetworkChinaChina1ParticipantJul 2026
Core Energy InvestmentChinaBeijing1ParticipantSep 2026
Geely CapitalHong KongHong Kong1ParticipantJul 2026
37 Interactive EntertainmentChinaShanghai1ParticipantSep 2026
Baidu VenturesChinaBeijing1ParticipantMar 2026
Primavera Capital GroupChinaBeijing1ParticipantMar 2026

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VAST Competitors

VAST competitors include listed companies like Snowflake and Z.ai, and private ones like Anthropic, OpenAI, DeepSeek and Cognition.

Public and private companies comparable to VAST
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AnthropicUnited StatesSan Francisco, CAPrivate$47B-$965B20.5x
OpenAIUnited StatesSan Francisco, CAPrivate$25B-$852B34.1x
SnowflakeUnited StatesUnited StatesPublicly listed$4.7B($1.3B)$119B21.0x
DeepSeekChinaHangzhouPrivate--$50B-
CognitionUnited StatesSan Francisco, CAPrivate$900M-$48B53.3x
Z.aiChinaChinaPublicly listed$108M($658M)$46B65.9x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Palantir$4.5B$1.5B92.6x58.1x285.0x97.4x
Snowflake$4.7B($1.3B)25.6x21.0x(94.1x)121.7x
Z.ai$108M($658M)422.9x65.9x(69.4x)(73.0x)
IonQ$130M($531M)109.9x40.3x(26.9x)(39.1x)
MiniMax Group$79M($1.9B)131.8x-(5.5x)-
Presight AI$825M$214M6.3x5.4x24.4x20.8x
Affle 3i$282M$67M7.4x6.7x31.3x29.5x
Ncino$595M$65M4.3x4.0x39.0x15.8x

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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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