WEKA Exceeds Its Fiscal Year 2022 Financial Targets in Record Third Quarter

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Maintains Hyper Growth Trajectory as Concerted APAC Expansion Continues

CAMPBELL, Calif., Sept. 15, 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.

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) to unlock transformational insights that fuel new business models and new frontiers of innovation, scientific breakthroughs, and research discoveries. The unfortunate reality, however, is that many AI and ML projects never make it from pilot to production, 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 AI, ML, and other high-performance computing 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. Highlights from its Q3 result include: 

Record-Breaking Financial Results and Cloud Acceleration

• Q3 was the largest financial quarter in WEKA's history – outpacing its entire FY'21 business.
• The company achieved an impressive 255 percent net dollar retention (NDR) rate in Q3 and maintained a zero-churn business.
• It also delivered 250 percent of its Q3 financial plan, growing total contract value (TCV) by 635 percent and annual reoccurring revenue (ARR) by 232 percent year-over-year.
• 43 percent of its Q3 customer transactions were in the cloud.

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 vehicles industries.

WEKA continued to fortify its sales, pre-sales, solution engineering, and customer success teams in Australia, South Korea, Singapore, and Taiwan to better serve customers in these and other adjacent markets, including India and China.

The company continued to bolster its global sales, marketing, product management, engineering, customer success, finance, and operations teams – fueling a nearly 50% year-over-year increase in employee headcount since the start of the calendar year.

"Only three quarters on and it has already been an unprecedented year of innovation and record growth at WEKA," said Jonathan Martin, president of WEKA. "As the global pandemic and supply chain crisis accelerated the digital initiatives and cloud adoption of organizations worldwide, WEKA bet big on the need for a simple, unified, and highly performant approach to data management for the cloud and AI era with the advancements in our WEKA 4 Data Platform. The investments we've made – in our technology, our people, and our continued expansion in the Asia Pacific region and beyond – are now driving material results far exceeding our very high expectations."

"The WEKA team has again outperformed against our ambitious annual operating plan for a third straight quarter. We could not be prouder of their determination and fortitude in delivering record results in what has been a challenging economic climate for so many," said Intekhab Nazeer, chief financial officer at WEKA. "Looking ahead, with the tailwinds of a significant qualified pipeline and steadily ramping cloud business fueling our fourth quarter, we are optimistic for a strong finish to our fiscal year 2022."

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.

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WEKA and the WEKA logo are registered trademarks of WekaIO, Inc. Other trade names used herein may be trademarks of their respective owners. 

SOURCE WekaIO