VC fundraising for data infrastructure companies
Data infrastructure VC has rotated alongside the AI capital cycle, with capital concentrating in vector databases, feature stores and AI-adjacent infrastructure on top of the established modern data stack. Investors underwrite on consumption growth, gross margin discipline and the durability of customer commitments through pricing model shifts.
Investors are data-infrastructure-specialist seed and growth funds, AI-fluent generalists backing AI-adjacent data infrastructure, and corporate venture arms attached to the cloud and data majors - Snowflake Ventures and Databricks Ventures both invest in adjacent data infrastructure. Flow has direct relationships across the data-infrastructure specialists, AI generalists and the cloud and data CVCs that back the category.
Flow has experience running VC fundraising processes for data infrastructure companies across data warehouses and lakehouses, data integration and ETL/ELT, streaming and event infrastructure, vector and feature stores, and data observability and lineage. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Data infrastructure" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Consumption revenue
Net retention
Committed-spend backlog
Active customers
Compute / storage units
Gross margin
Workload growth
Customer concentration
Ramp realisation
CAC payback
Data infrastructure valuations in May 2026
Public data infrastructure comps trade at 8.9x EV/Revenue. Median revenue multiple across data infrastructure VC rounds was 28x in the last 12 months.
8.9x
Median EV/Revenue as of May 2026 for public data infrastructure companies
12x
Oracle is the highest valued public data infrastructure company based on EV/Revenue (excluding outliers)
6.9x
Median EV/Revenue across data infrastructure M&A deals in the last 12 months
28x
Median EV/Revenue across data infrastructure VC rounds in the last 12 months
Key recent data infrastructure VC rounds
$4.0B Undisclosed stage raised by Databricks was the largest data infrastructure VC round completed in the last six months.
See all data infrastructure VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Dec-25 | Databricks |  | Databricks is a San Francisco-headquartered cloud platform unifying data engineering, analytics, and AI on a lakehouse architecture. Founded in 2013, it supports Delta Lake for reliable data lakes, MLflow for machine learning lifecycle management, and Unity Catalog for governance across workspaces. The platform powers ETL pipelines, serverless SQL warehouses, and generative AI model deployment for enterprises worldwide, including integrations with AWS, Azure, and Google Cloud. | BlackstoneCoatue+9 | $4.0B | $134B | Undisclosed stage | |
Mar-26 | VAST Data | | VAST Data is a New York-headquartered software-defined storage provider powering AI workloads with its exabyte-scale platform across flash, HDD, and cloud tiers. Launched in 2019, it unifies block, file, and object protocols with hardware-agnostic architecture, serving media conglomerates and semiconductor firms. The platform integrates with NVIDIA DGX systems for petabyte-scale datasets in genomics and autonomous vehicle training, achieving sub-millisecond latencies. | - | $1.0B | $30B | Series F | |
Jan-26 | ClickHouse | | ClickHouse is an open-source columnar database management system optimized for real-time analytical queries on large datasets. Developed initially at Yandex and released in 2016, the Moscow-headquartered project now serves global enterprises including eBay, Lyft, and CERN for data warehousing and observability. It supports SQL syntax with sub-second query performance on petabyte-scale data via vectorized execution and data compression. ClickHouse integrates with Kafka, S3, and Grafana, powering applications in fintech, gaming, and telecommunications. | Bessemer Venture PartnersDragoneer+6 | $400M | $15B | Series D | |
Dec-25 | Cyera | | Cyera is a San Francisco-headquartered data security posture management provider scanning multicloud environments including AWS, Azure, and Google Cloud. The platform discovers sensitive data across SaaS, PaaS, and IaaS layers, classifying assets and enforcing policies for compliance with GDPR, CCPA, and HIPAA. Serving enterprises like Fortune 100 companies, Cyera correlates data flows with access risks to prevent leaks and enable automated remediation. Founded in 2021, it operates from offices in Tel Aviv and supports hybrid deployments worldwide. | AccelBlackstone+9 | $400M | $9.0B | Series F | |
Dec-25 | Eon | | Eon is a provider of enterprise backup and recovery software featuring automatic data mapping and classification for cloud resources. The platform focuses on backup posture management, indexing storage to prioritize critical information. Designed for businesses, it operates via cloud-based tools that enhance data efficiency and operational resilience across hybrid environments. | BondGil Capital+5 | $300M | $4.0B | Series D | |
Dec-25 | ICEYE |  | ICEYE is a Polish/Finland-headquartered satellite operator managing the largest synthetic aperture radar constellation for Earth observation. Its smallsats deliver all-weather radar imagery for flood detection, insurance damage assessment, oil spill monitoring, and ship tracking. Clients in government, reinsurance, and defense sectors task satellites for data capture within hours. Founded in 2014, ICEYE builds and launches radar spacecraft from sites in Finland and the United States. | A.P. Moller HoldingBpifrance+10 | $176M | $2.8B | Series E | |
Apr-26 | Hightouch | | Hightouch is a San Francisco-based reverse ETL platform that activates customer data from warehouses like Snowflake and BigQuery into tools such as Salesforce, HubSpot, and Google Ads. The service enables audience segmentation, data modeling, and automated syncing without duplication to power personalized marketing campaigns. | Amplify PartnersBain Capital Ventures+5 | $150M | $2.8B | Series D | |
Dec-25 | HawkEye 360 | | HawkEye 360 is a Herndon, Virginia-headquartered company that operates a constellation of 24 small satellites for radio frequency data collection and geospatial analytics. Its platform detects and geolocates RF signals to deliver insights for maritime domain awareness, spectrum monitoring, and signals intelligence. HawkEye 360 partners with the U.S. Department of Defense, NATO allies, and commercial shipping firms like Maersk. Founded in 2015, the company has launched missions from Cape Canaveral and Vandenberg Space Force Base, expanding coverage to global oceans and conflict zones. | Center15 CapitalNightDragon+2 | $150M | - | Series E | |
Jan-26 | Zanskar | | Zanskar is an Oakland-headquartered geothermal exploration company that uses AI-driven platforms to identify untapped resources. Founded in 2019, it analyzes massive subsurface datasets and satellite imagery for predictive mapping. The technology reduces drilling risks by 50 percent, targeting basins in the western United States and Indonesia for clean energy development. | Chris GibsonClearvision Ventures+10 | $115M | - | Series C | |
Mar-26 | Nominal | | Nominal is an Austin-based data infrastructure platform for hardware engineering teams. Its Core software ingests multi-modal test data, offers visualization dashboards, and automates validation workflows. The Connect product supports edge analytics and hardware-in-the-loop testing for sectors including aerospace, defense, automotive, and energy. | AvenirFounders Fund+7 | $80M | $1.0B | Series B | |
Apr-26 | Dnotitia |  | Dnotitia is a Seoul-based artificial intelligence company developing vector databases and language model infrastructure. Founded in October 2023, it created Seahorse, a vector database accelerated by proprietary Vector Data Processing Units for trillion-scale embeddings. The firm also offers Mnemos, a serving platform for large language models with low-latency inference. Dnotitia advances small language models and retrieval-augmented generation systems for enterprise RAG pipelines. Its technologies integrate with Hugging Face and ONNX runtimes, targeting search engines and recommendation systems. | Daesung Private EquityElohim Partners+9 | $63M | - | Series A | |
Dec-25 | AtScale | | AtScale is a Silicon Valley-headquartered semantic layer platform that unifies data for business intelligence and analytics. The company enables self-service BI across tools like Tableau, Power BI, and Looker by virtualizing datasets from Snowflake, Databricks, and Hadoop. AtScale supports enterprises in retail, finance, and healthcare with adaptive query engines and governance features, maintaining offices in Boston and global presence. | Snowflake Ventures | $62M | - | Undisclosed stage | |
Mar-26 | Qdrant |  | Qdrant is an open-source vector database built in Rust for high-dimensional similarity search in AI applications. Deployed as an API service or managed cloud on AWS and GCP, it handles billions of vectors for recommendation systems, semantic search, and anomaly detection. San Francisco-headquartered since 2021, Qdrant integrates with LangChain, Hugging Face, and Pinecone alternatives, powering production workloads at companies like Canva and Klarna with sub-millisecond query latencies. | 42CAPAVP+3 | $50M | - | Series B | |
Feb-26 | Nimble Way | | Nimble Way is a service optimizing public web data collection pipelines using IP infrastructure for reliable, scalable data gathering tailored to client requirements. | DatabricksHetz Ventures+7 | $47M | - | Series B | |
Mar-26 | Censys | | Censys is an Ann Arbor-headquartered internet intelligence platform for security teams. It scans the entire public internet hourly to catalog 400 billion IPv4 addresses, providing data on devices, certificates, and protocols for threat hunting and exposure management. Integrated with SIEM tools like Splunk, it helps enterprises discover shadow IT and vulnerable assets. Founded in 2015 from University of Michigan research, Censys serves Fortune 500 firms with APIs and dashboards. | Decibel PartnersGV+3 | $40M | - | Series D |
VC investors active in data infrastructure
Y Combinator is the most active VC investor across data infrastructure, having invested in 80 startups in the last three years.
See all data infrastructure VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | HightouchProjectXByteport+2 | 80 | Pre-seed | |
Sequoia Capital | | Sequoia Capital is a venture capital firm headquartered in Menlo Park, California, with operations in the United States, China, India, and Southeast Asia. Founded in 1972, it invests in seed through growth-stage companies across sectors like consumer internet, enterprise software, healthcare, and semiconductors. The firm has backed transformative businesses including Apple, Google, WhatsApp, Airbnb, Stripe, NVIDIA, and DoorDash, achieving landmark returns from initial public offerings and acquisitions. Sequoia Capital maintains separate funds for U.S., China, and India ecosystems, supporting founders in building enduring technology leaders. | CyeraEonLangChain+2 | 16 | Series B | |
Alumni Ventures | | Alumni Ventures is a Manchester, New Hampshire-headquartered venture capital firm managing diversified portfolios for 10,000 accredited investors. Operations run 50 funds targeting seed through Series B stages in AI, biotech, and climate tech. Sourcing draws from 1,000 university alumni networks with co-investments alongside Sequoia and a16z across 1,400 portfolio firms. | HammerspacePliableCentaur Labs+2 | 16 | Series A | |
General Catalyst | | General Catalyst invests in early-stage to growth companies across healthcare, fintech, enterprise software, and consumer sectors from offices in Cambridge, San Francisco, and New York. The firm manages over $25 billion in assets, backing unicorns like Airbnb, Stripe, and Canva. It supports applied AI initiatives through dedicated funds and provides operational expertise via its Resilience platform. | NominalICEYECrustdata+2 | 15 | Seed | |
Insight Partners | | Insight Partners is a New York-headquartered global venture capital and private equity firm specializing in software investments. The firm targets high-growth companies in enterprise software, SaaS, fintech, cybersecurity, and healthcare IT sectors. It provides capital, operational support, and talent placement to portfolio companies spanning seed through late-stage growth. Notable investments include DocuSign, Shopify, and Recorded Future. With offices across North America, Europe, Israel, and Asia, Insight Partners manages a diverse portfolio exceeding 800 companies. Founded in 1995, the firm emphasizes scaling businesses through dedicated teams for go-to-market strategies and mergers. | DatabricksapiphaniDatafy.io+2 | 15 | Seed | |
Lightspeed Venture Partners | | Lightspeed Venture Partners is a Menlo Park-headquartered venture capital firm investing in seed through growth stages across enterprise software, consumer tech, and fintech sectors. The firm has funded companies like Snapchat, MuleSoft acquired by Salesforce for 6.5 billion dollars, and Rubrik. Lightspeed Venture Partners manages over 18 billion dollars across global funds, with offices in Silicon Valley, New York, Israel, and India. Its enterprise portfolio features ThoughtSpot and Thoughtworks. | ClickHouseCyeraEon+2 | 14 | Series D | |
Amplify Partners | | Amplify Partners is a U.S.-based venture capital firm investing in early-stage enterprise software companies founded by technical leaders. It targets innovations in machine intelligence, developer tools, and infrastructure software. With offices in Silicon Valley, the firm supports startups from seed through Series B stages in sectors like AI and cloud computing. | HightouchLangChainDavid AI+2 | 12 | Series B | |
Accel | | Accel is a Palo Alto-headquartered venture capital firm investing in early and growth-stage technology companies globally. The firm backs founders in software, consumer internet, and mobile sectors with portfolio companies including Facebook, Slack, Dropbox, and Spotify. Operating funds across the US, Europe, and India since 1983, it supports over 1,000 startups. | CyeraPolarConduktor+2 | 12 | Series B | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | BalthazarKahuData Copilot+2 | 11 | Pre-seed | |
Snowflake Ventures | | Snowflake Ventures is the venture capital arm of Snowflake investing in growth-stage companies advancing data mobilization, customer value, and data cloud ecosystems. It backs startups enhancing analytics, AI, and data infrastructure through snowflake.com/snowflake-ventures. | Bedrock DataAtScaleRelationalAI+2 | 10 | Undisclosed stage |
Founders and investors we've worked with
We've supported winning builders across data infrastructure and beyond.
Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Picus Security
We advised PE firm Turkven on its $24m Series B investment into Picus Security, an Istanbul-based breach and attack simulation (BAS) cybersecurity platform.
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sevDesk
We advised New York-based crossover investor Arena Holdings on its €50m growth investment into sevDesk, a leading German cloud-native accounting platform for SMEs and freelancers.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
See moreRecent VC fundraising track record
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