With the Series E financing round the company achieves “unicorn” status with a $1.6 billion valuation as data-intensive AI and generative AI applications boost demand for the company’s software.

Data management platform developer WekaIO has raised $140 million in an oversubscribed Series E round of funding that boosts the company’s valuation to $1.6 billion, the company said Wednesday.

WekaIO said in a statement that the funding will “augment the company’s considerable cash reserves” and provide “ample options” for scaling up its business to meet what it described as “accelerating global demand” for its AI-native data infrastructure.

The additional funding will also allow the Campbell, Calif.-based company to expand development work on its data platform software and provide “liquidity to Weka employees.”

[Related: Weka Launches Channel Program, Enlists Partners For Expansion Into AI/ML]

The funding round comes at a time when the increased need for huge volumes of data spurred by the explosion of data-hungry AI and generative AI applications is driving demand for the Weka Data Platform.

The company said that more than 300 of the world’s largest AI and GPU deployments are running on the WekaIO system. WekaIO was recently named to the 2024 CRN AI 100 List.

“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, WekaIO’s chief financial officer, in the statement. “It was an opportune time to fortify our cash reserves, allowing our investors to increase their position in the company while minimizing share dilution for our employees.”

Valor Equity Partners, a previous investor in WekaIO, led the round – which WekaIO said consisted of a combined primary and secondary transaction. Along with Valor, other existing investors that participated in the round and increased their positions in the company included General Investment management, Nvidia, Atreides Management, 10D, Hitachi Ventures, Ibex Ventures, Key1 Capital, Lumir Ventures, MoreTech Ventures and Qualcomm Ventures.

“The continued backing of this preeminent group of investors speaks volumes: WEKA is building something truly transformative that modern data-driven organizations need now, more than ever,” WekaIO co-founder and CEO Liran Zvibel said in the press statement.

“We are grateful to our returning backers for their support and are honored to welcome [Valor founder, CEO and chief investment officer] Antonio Gracias to our board of directors,” Zvibel said. “Antonio has played a pivotal role in helping build some of the world’s most innovative and disruptive companies. We look forward to collaborating with him as we scale to create new value for WEKA’s customers, partners, and shareholders.”