WEKA founders left to right: Liran Zvibel, Omri Palmon and Maor Ben Dayan.

AI data platform WEKA achieves unicorn status with $140 million Series E at $1.6B valuation

The Israeli startup more than doubled its valuation from November 2022

AI-native data platform WekaIO (WEKA) has raised $140 million in a Series E funding round consisting of a combined primary and secondary transaction led by Valor Equity Partners, a previous investor in the company.
The round brings WEKA’s post-money valuation to $1.6 billion, up from $750 million in its previous funding round in November 2022. The secondary portion of the round is estimated at $40 million, with the company to net approximately $100 million. To date, the company has raised about $375 million.
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WEKA founders
WEKA founders
WEKA founders left to right: Liran Zvibel, Omri Palmon and Maor Ben Dayan.
Founded in 2013 by Israeli entrepreneurs Liran Zvibel, Maor Ben-Dayan, and Omri Palmon, WEKA has developed a data platform for AI infrastructure with a cloud and AI-native architecture that provides data portability across on-premises, cloud, and edge environments. Under the terms of the deal, Valor’s founder, CEO and Chief Investment Officer, Antonio Gracias, will join WEKA’s board.
In a conversation with Calcalist, Liran Zvibel, co-founder and CEO of WEKA, said, "Although the global software market is experiencing difficulties, the market we sell to has been exploding in recent years. We have doubled our revenues every year and we expect to triple them this year."
"We feel very comfortable with the valuation and confident because two unusual things happened. The entire round is internal. None of the existing investors wanted to lose their holdings in the company. All were strong enough to invest and did not lack the ability to provide financing. They said they did not want to share success with another player. From a $140 million round, $100 million goes to the company and $40 million to secondary deals for veteran employees. We felt it was fair to give them a good valuation and the ability to cash out while still anticipating significant growth ahead."
The company currently employs about 400 people, with over 120 in Israel and the rest in the U.S. They recently recruited a new chief engineering officer, Lior Mozel, who was previously at Cybereason.
"We have a nine-digit ARR in 2024. I estimate that we will triple our revenues. It's just crazy,” added Zvibel. Regarding an IPO, Zvibel said, "We are successful because our product is good and the market is growing insanely. We aim to achieve positive cash flow and are currently burning only half a million dollars a month. We raised funds to position ourselves well in the current market. An IPO is a financial event, and the company has to decide the best timing for going public. We still don't know when that will happen; there are many reasons for and against becoming a public company at the right time."
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 for the company.
WEKA’s Series E round is unique in that it was raised entirely with existing investors, like Valor, seeking to increase their positions in the company. Generation Investment Management, NVIDIA, Atreides Management, 10D, Hitachi Ventures, Ibex Investors, Key1 Capital, Lumir Ventures, MoreTech Ventures, and Qualcomm Ventures joined Valor in contributing to the round.