Data management startup Hammerspace has announced $56.7 million in funding in its first round of institutional investment. 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 Pier 88 Ventures, ARK Invest, and others.

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.”

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.

While this is Hammerspace’s first round of institutional funding, its growth trajectory mirrors that of a relatively mature company. Working with existing customers like Blue Origin, The National Science Foundation and Royal Caribbean Group, Hammerspace is well-positioned to lead the unstructured data orchestration industry.