Wasabi Technologies, a provider of Hot Cloud Storage, has announced a $70 million equity funding round. This round, led by L2 Point Management and backed by industry players like Pure Storage and Fidelity Management & Research Company, raises Wasabi's valuation to $1.8 billion.
The collected funds are positioned to support Wasabi's ambitions in AI infrastructure, expand its global footprint, and enhance its product offerings in response to data demands from enterprises and AI developers worldwide.
The company's focus on cloud storage solutions commenced in 2017 with their flagship Hot Cloud Storage. Their offerings include Wasabi AiR, featuring AI-powered metadata tagging, and Wasabi Fire, a NVMe storage class designed for data-heavy AI and ML tasks. Additionally, Wasabi aim to prioritise data security, incorporating multi-user authorisation and developing their Covert Copy solution to combat ransomware threats.
"Storage may not receive the same attention as GPUs, but without it, the use of AI tools and technology grinds to a halt," highlighted Kerstin Dittmar, Managing Partner at L2 Point.
As AI-driven data growth continues, Pure Storage’s investment supports a joint effort to meet industry demands. This partnership seeks to provide scalable, low-cost cloud storage tailored for AI-ready data environments.
With over three exabytes under management across 16 global regions, Wasabi operates across multiple sectors. Trusted by entities like iHeartMedia, Boston Red Sox, Liverpool Football Club, and academic institutions, the firm supports enterprises, media outlets, and tech companies with secure, cost-effective data solutions.
By aiming for affordable data management, Wasabi Technologies positions itself well in the evolving landscape of cloud storage, especially as businesses navigate the AI revolution.
