At a $1.8 billion valuation, backed by L2 Point and Pure Storage, the company scales AI-first cloud storage to meet the explosive demands of modern data

Wasabi Technologies, the Hot Cloud Storage company, today announced a $70 million equity funding round led by L2 Point Management with participation from Pure Storage and existing investors including Fidelity Management & Research Company. The new round values Wasabi at $1.8 billion and brings the company’s total funding to over $600 million. The capital will be used to accelerate Wasabi’s expansion into AI infrastructure, broaden its global footprint, and enhance its product portfolio to meet the growing data demands of enterprises and AI developers worldwide.

“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.”

Wasabi disrupted the cloud storage model in 2017 with its flagship Hot Cloud Storage, delivering versatile, cost-predictable storage with no fees for egress or API requests. The company expanded its AI portfolio with Wasabi AiR, hot cloud storage with AI-powered metadata tagging, and Wasabi Fire, an NVMe storage class for compute-intensive AI and ML training, real-time inference, data logging, and media pipelines with no egress or hidden charges. Wasabi also strengthens data security with multi-user authorization and Covert Copy, a patent pending, ransomware-resistant solution that ensures critical data remains invisible and untouchable, even in the event of a cyberattack.

“Storage may not receive the same attention as GPUs, but without it, the use of AI tools and technology grinds to a halt,” said Kerstin Dittmar, Managing Partner and Chief Investment Officer of L2 Point. “Wasabi’s innovative solutions help to make storage both high-performance and affordable, and we look forward to supporting the company’s next stage of growth.”

Wasabi’s momentum reflects accelerating AI-driven data growth and shifting industry demands as organizations look to harness data for a competitive advantage. Pure Storage’s investment deepens the alliance between two storage innovators, aligning their strengths to meet surging demand across these workloads.

“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 AI infrastructure that is intelligent by design and simple to deploy and operate.”

With more than three exabytes under management and 16 global regions, Wasabi partners with leading companies across backup, cyber resilience, media and entertainment, and enterprise technology, while supporting AI companies and data retrieval workloads requiring cost-effective archiving. Customers around the globe like iHeartMedia, the Boston Red Sox, Liverpool Football Club, Toshiba, and Ivy League universities like Cornell trust Wasabi to safeguard their critical data so they can focus on innovating.

For more information, visit wasabi.com

About Wasabi Technologies

Recognized as one of the technology industry’s fastest growing companies, Wasabi is on a mission to store the world's data by making cloud storage affordable, predictable and secure. With Wasabi, visionary companies gain the freedom to use their data whenever they like without being hit with unpredictable fees or vendor lock-in. Instead, they’re free to build best-of-breed solutions with the industry’s fastest-growing ecosystem of independent cloud application partners. Customers and partners all over the world trust Wasabi to help them put their data to work so they can unlock their full potential. Visit wasabi.com to learn more.