JULY 17TH, 2023; SAN FRANCISCO: Pier 88 Ventures has participated in Hammerspace’s $56.7m Series A financing. Hammerspace launched in 2018 with the vision of making all enterprise data globally accessible, useful, and indispensable, sparking the next level of business innovations. The funding round, led by Prosperity7 Ventures, also includes ARK Invest, the Sky Family Office and others in addition to Pier 88 Ventures.
Hammerspace’s Data Orchestration System makes unstructured data a global resource, so teams can access, activate, and monetize their data without interrupting user access. It enables organizations to dynamically orchestrate their data across multiple vendors and operators, without creating unnecessary data silos.
“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.”
Pier 88 Ventures sees an immense opportunity for Hammerspace as with the rise of artificial intelligence (AI) and machine learning technologies, Hammerspace’s Data Orchestration System will allow the world’s largest organizations to derive data-driven insights, accelerate product development and create new business alternatives. Pier 88 Ventures believes Hammerspace products will transform businesses and allow the company’s clients to ultimately win the race to reach the Next Data Cycle.
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. An expanded Hammerspace team will support more customers with the full capability and transparency to activate, access and monetize their unstructured data. Already working with existing customers like Blue Origin, The National Science Foundation and Royal Caribbean Group, Pier 88 Ventures believes Hammerspace is well-positioned to lead the unstructured data orchestration industry going forward.
ABOUT PIER 88 INVESTMENT PARTNERS
Pier 88 Ventures is part of Pier 88 Investment Partners, a San Francisco Bay Area based asset manager, was founded in 2013 and invests client capital in both public and private disruptive innovation companies. While opportunistic, Pier 88 Ventures focuses on tech and tech-enabled companies across the enterprise software, cyber security, healthcare, fintech and property tech sectors.Pier 88 Ventures is led by a management team with over 100 years of collective investing experience and is recognized for its successful track records in both the public and private markets. For more information, please visit www.pier88.com.
The companies identified do not represent all of the companies purchased, sold or recommended for portfolios advised by Pier 88 Investment Partners, LLC. The reader should not assume that investment in any company was or will be profitable. Additional information including a list of all companies is available upon request.