Hammerspace Secures $56.7 Million in Funding

by Kay Aloha Villamor in July 19th, 2023

Hammerspace, a San Mateo, CA-based company focused on orchestrating the Next Data Cycle for enterprises, secured $56.7 million in its first round of institutional investment.

The round was led by Prosperity7 Ventures and included participation from Pier 88 Ventures, ARK Invest, and other investors.

The funding will support technology expansion and customer service, allowing Hammerspace to expand its team of skilled professionals dedicated to helping customers utilize unstructured data.

Since its launch in 2018, Hammerspace has aimed to make enterprise data globally accessible, useful, and indispensable in order to drive the next wave of business innovations.

The company's Data Orchestration System enables teams to access, activate, and monetize unstructured data without disrupting user access. This system allows organizations to dynamically orchestrate their data across multiple vendors and operators, avoiding the creation of data silos.

With prominent clients such as Blue Origin, The National Science Foundation, and Royal Caribbean Group, Hammerspace is well-positioned to lead the unstructured data orchestration industry.

“Hammerspace is uniquely positioned to accelerate the Next Data Cycle for enterprises through unstructured data orchestration,” said David Flynn, CEO of Hammerspace. “The last data cycle focused on structured data rooted in business intelligence, but this data cycle, driven by compute, orchestration, and applications, leverages unstructured data to drive product innovation and business opportunity with AI, machine learning, and analytics. Hammerspace’s new funding will enable the company to help more customers unlock the value in unstructured data, create new revenue streams, and drive operational efficiency.”

Company: Hammerspace, Inc.

Raised: $56.7M

Round: Unknown 

Funding Month: July 2023

Lead Investors: Prosperity7 Ventures

Additional Investors: Pier 88 Ventures and ARK Invest

Company Website: https://hammerspace.com/

Software Category: Data Storage Software 

About the Company: Hammerspace is a data orchestration system that unlocks innovation and opportunity within unstructured data. It orchestrates the data to build new products, uncover new insights, and accelerate time to revenue across industries like AI, scientific discovery, machine learning, extended reality, autonomy, corporate video, and more. Hammerspace delivers a solution to connect global users with their data and applications on any vendor’s data center storage or public cloud services, including AWS, Google Cloud, Microsoft Azure, and Seagate Lyve Cloud.

Source: https://www.businesswire.com/news/home/20230718567811/en/Hammerspace-Raises-56.7M-in-First-Institutional-Funding-Unlocks-Business-Opportunities-Hidden-in-Unstructured-Data

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