Data may be “the new oil,” but only when it can be extracted and put to use. Today, a five year-old startup called Hammerspace that is giving any kind of data that lease of life is announcing $56 million in funding — its first institutional investment — as it expands its business.

Prosperity7 Ventures — the venture arm of Saudi Aramco — is leading this first outside round, with ARK Invest, Pier 88 Hedge Fund, Samsung and other unnamed investors also participating.

Hammerspace was initially funded, co-founded and led by David Flynn, the pioneer technologist known for his early work on Linux, supercomputers and flash computing. And while it may not be a household name, it is already working with a number of very large companies and organisations that you will know, which have giant data needs.

Its customers include Jeff Bezos’ Blue Origin; the National Science Foundation; and Royal Caribbean Group. Major media groups are also using it to manage their data around special effects development (it’s been used for effects in Star Wars and Stranger Things, among other outsized productions).

And at least one “super scaler,” in the words of Flynn, which he declined to name, is using Hammerspace to manage troves of unstructured data that it’s currently using in the building and training of Large Language Models across tens of thousands of GPUs. (Note: I have a strong hunch of who this is based on his response to a name I gave him, and the other partners Hammerspace works with.)

“If you’re going to pay big bucks for GPU horsepower, the last thing you want is for that to site to sit idle, waiting for data to flow in and flow out of those systems,” Flynn said. “We provide radical input to feed data into and out of those training systems. It’s a data pipeline feeding into and out of those models at high speed and with the convenience of a real file system.”

Hammerspace is named after the concept first coined from cartoons and comics where characters pull out objects they need out of thin air, and without getting too technical, that might also be the best way of explaining what the startup does. Essentially, it provides a way of making large amounts of data — regardless of where it lives or how it gets used — accessible and available to an organisation just when they need it, and keeping it out of the way when they do not.

Flynn at first declined to describe the startup as in the area of data orchestration, or file management, or a pipeline, or data management — he is very personable and accessible, but also quick to be technical and thus very exact in his language — but frankly it does cover all of these to a degree.