Company Maintains Hyper Growth Trajectory as Concerted Expansion In Korea and APAC Continues
CAMPBELL, Calif., Sept. 27, 2022 /PRNewswire/ — WEKA, the Data Platform for AI company, today announced it has closed a record-breaking third quarter (Q3) of financial results and global expansion in its fiscal year 2022 (FY’22). Following the launch of its fourth generation WEKA® Data Platform unveiled in June, the company closed the largest financial quarter in its history – exceeding combined business from all four quarters of its fiscal year 2021. At the same time, WEKA celebrated the continued growth of its global team and steady expansion into the Asia-Pacific (APAC) region, where it added top sales, engineering, and customer success talent across several key markets, including Korea.
As global organizations continue to embrace digital-first strategies at a record pace, many are looking to harness artificial intelligence (AI) and machine learning (ML), and other high-performance computing (HPC) workloads to unlock transformational insights that fuel new business models and new frontiers of innovation, scientific breakthroughs, research, and discoveries. The unfortunate reality, however, is that many AI, ML, and HPC projects never make it from pilot to production. This is often due to the limitations of traditional data infrastructures that cannot provide the required performance, scale, and seamless data portability needed to support complex computing in modern distributed data environments. Increasingly, organizations are turning to WEKA to help them overcome these challenges, accelerate their data-driven initiatives, and deliver first-to-market results with these next-generation workloads.
As customer demand for its WEKA 4 Data Platform intensifies, the company is seeing tremendous success across multiple indexes that are contributing to a period of sustained hypergrowth:
Q3 was the most significant financial quarter in WEKA’s history – outpacing its entire FY’21 business. The company achieved an impressive 255 percent net dollar retention (NDR) rate and maintained a zero-churn business. It also delivered 250 percent of its Q3 financial plan, growing its total contract value (TCV) by 635 percent and annual reoccurring revenue (ARR) by 232 percent year-over-year. Forty-three percent of its total customer transactions were in the cloud.
Significant Customer Momentum: WEKA netted multiple seven and eight-figure deals with some of the world’s leading brands and most respected research organizations in the media and entertainment, space exploration, aerospace and defense, pharmaceutical, and autonomous vehicle industries.
Expansion in APAC and Korea: WEKA has continued to fortify its sales, pre-sales, solution engineering, and customer success teams in Korea and adjacent markets. The company has also made significant investments in strategic reseller partnerships with leading vendors such as Hyosung Information Systems (HIS) to better serve Korean customers looking to gain a competitive advantage with AI, ML, and HPC.
Meet with WEKA at KSC’22: WEKA is a sponsor at the 2022 Korea Supercomputing Conference (KSC’22), 29 – 30 September, where the company and its chief executive officer, Liran Zvibel, will introduce the WEKA Data Platform software to HPC and AI customers in Korea, in collaboration with its partners.
“It has been an incredible year of growth and gains for WEKA. We have made great progress growing our business and partnerships in the Asia Pacific region, and Korea in particular, which is an epicenter of innovation and technological advancements,” said Liran Zvibel, co-founder and CEO of WEKA. “Although AI, ML, and HPC adoption is accelerating in Korea, productivity continues to be challenged by aging data infrastructures. WEKA’s ultra-high-performance data platform can help customers overcome these challenges and deliver results faster. We are investing in the best partnerships with world-class Korean companies like HIS to deliver that value to them.”
WEKA delivers the industry’s first multicloud data platform for artificial intelligence (AI), machine learning (ML), and other next-generation workloads. The WEKA® Data Platform’s advanced architecture is optimized to solve complex data management challenges and provide consistently epic performance at scale across on-premises, edge, hybrid and multicloud environments. WEKA is accelerating innovation, research, and discovery for the world’s leading enterprises and research organizations – including eight of the Fortune 50 – and helping them to achieve first-to-market results with AI. WEKA is backed by nine world-class strategic investors, including Hitachi, HPE, and NVIDIA, and operates in more than 20 countries worldwide. For more information, visit https://weka.io.
WEKA and the WEKA logo are registered trademarks of WekaIO, Inc. Other trade names used herein may be trademarks of their respective owners.