Wasabi Technologies recently announced a new $70 million equity funding round. This investment helps the company build a better data infrastructure for global clients. L2 Point Management led the latest round for the Boston-based firm. Pure Storage and Fidelity Management & Research Company also participated in the deal. The funding now values the cloud storage provider at $1.8 billion.
The company plans to use this capital to grow its AI offerings. It will expand its global footprint to meet rising enterprise demands. Wasabi currently manages more than three exabytes of data across sixteen regions. It’s “hot cloud storage” model offers a predictable cost for modern businesses. This approach removes complex fees for egress or API requests.
Scaling for the Next Era of AI
The firm is shifting focus toward high-performance storage for AI workloads. New products like Wasabi AiR and Wasabi Fire support these intensive tasks. These tools help developers manage metadata and real-time inference more effectively. Security also remains a top priority for the growing organization. They recently launched a ransomware-resistant solution called Covert Copy to protect files.
“We’re ushering in the next generation of cloud storage, powering data-intensive workloads like generative AI and autonomous systems,” said David Friend, co-founder and CEO of Wasabi Technologies. “This funding underscores Wasabi’s strong market position and continued growth as enterprises and AI developers alike seek a better, more predictable alternative to the hyperscalers.”
“AI is changing the way enterprises manage and store data. Wasabi is demonstrating strong execution in delivering scalable, low-cost cloud storage built for AI-ready data environments without added complexity or unpredictable costs,” said Krishna Gidwani, Vice President, Strategy and Corporate Development, Pure Storage. “Our investment reflects a shared focus on building the next generation of data infrastructure that is intelligent by design and simple to deploy and operate.”
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News Source: Businesswire.com
