Wasabi Technologies has secured a substantial $70 million in new equity funding, propelling the company to a $1.8 billion valuation. Led by L2 Point Management with participation from Pure Storage and existing investors, this investment underscores the escalating demand for scalable, predictable cloud infrastructure tailored for artificial intelligence and massive data workloads.
Wasabi Technologies closes a $70 million equity funding round, reaching a $1.8 billion valuation.
The round was led by L2 Point Management with strategic investment from Pure Storage.
Total funding to date now exceeds $600 million for the cloud storage provider.
Capital will fuel expansion into AI infrastructure and broaden global footprint.
The investment highlights the critical role of storage in the AI-driven data explosion.
Wasabi's model offers cost-predictable, high-performance storage without egress fees.
The new $70 million equity round, led by L2 Point Management with participation from Pure Storage and existing investors like Fidelity Management & Research Company, solidifies Wasabi's market position. This investment brings the company's total funding to over $600 million and establishes a $1.8 billion valuation. The capital is earmarked 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.
Wasabi is focused on powering the next generation of data-intensive workloads. “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. The company has expanded its AI portfolio with solutions like Wasabi AiR, which features AI-powered metadata tagging, and Wasabi Fire, an NVMe storage class designed for compute-intensive AI/ML training and real-time inference. Its core offering remains versatile, cost-predictable hot cloud storage with no fees for egress or API requests.
Investors emphasized Wasabi's pivotal role in the modern AI stack. “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 of L2 Point. The strategic investment from Pure Storage deepens the alliance between two storage innovators. Krishna Gidwani of Pure Storage noted, “Wasabi is demonstrating strong execution in delivering scalable, low-cost cloud storage built for AI ready data environments without added complexity or unpredictable costs.”
With over three exabytes of data under management across 16 global regions, Wasabi's momentum reflects the accelerating AI-driven data growth. The company supports a diverse customer base, from media giants like iHeartMedia and sports franchises like the Boston Red Sox to academic institutions and technology firms, all seeking to harness their data without unpredictable costs or vendor lock-in.
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.
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