(Reuters) -Software storage company VAST Data said on Tuesday it had tripled its valuation in a year to $3.7 billion after raising $83 million in a funding round led by investment giant Tiger Global Management.
This is the latest in a flurry of funding deals that Tiger has led in recent months, amid sky-high demand for fast-growing tech startups. The investment company has also recently backed cloud firm Redis Labs and e-commerce platform Kajabi.
Squarespace, one of Tiger Global's portfolio companies which was valued at $10 billion in March, is going public through a direct listing later this month.
VAST, a flash storage company, was founded in 2016 in Israel and is now headquartered in New York. Its products aim to "direct an extinction event" for more traditional storage devices like hard drives, according to a blog post on its website.
Its latest funding round also featured existing investors, including chipmaker NVIDIA Corp (NASDAQ:NVDA), and has brought its balance sheet to $230 million.
The company's backers also include Norwest Venture Partners, Goldman Sachs (NYSE:GS) and Dell Technologies Capital, the venture capital of Dell Technologies, among others.