Friday, June 21, 2024
HomeIsrael Israel-Based Weka Secures $140 Million in Series E Funding

[FUNDING-NEWS] Israel-Based Weka Secures $140 Million in Series E Funding

Weka, an Israeli AI data platform, completed a $140 million oversubscribed Series E funding deal at $1.6 billion.

Weka, an Israeli AI data platform, completed a $140 million oversubscribed Series E funding deal at $1.6 billion. In November 2022, it raised $135 million, increasing its $750 million valuation and becoming a unicorn. With this round, Weka has raised $400 million since its founding.

The company’s founders CEO Liran Zvibel, Omri Palmon, and Maor Ben-Dayan decided to minimise their participation in the financing round so veteran employees can receive share compensation.

Read also – India-Based insurance startup GoDigit raises $141 Million Ahead of IPO

An estimated 200 of the company’s 400 employees will benefit from a $40 million secondary component. With the new finances, it aims to hire several dozen more staff at its Tel Aviv development centre, where 125 of its 400 employees work.

The round brings it’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 its employees.

Read also – India-Based Sports Technology company Stupa Sports Secured $3.4 Million in Funding

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.

About WEKA 

WEKA is architecting a new approach to the enterprise data stack built for the AI era. The WEKA® Data Platform sets the standard for AI infrastructure with a cloud and AI-native architecture that can be deployed anywhere, providing seamless data portability across on-premises, cloud, and edge environments.

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular