Wasabi Technologies , provider of Wasabi Hot Cloud Storage, announced a $70 million equity financing led by L2 Point Management, with participation from existing investors including Pure Storage and Fidelity Management & Research Company. The financing values ​​the company at $1.8 billion and brings its total funding to over $600 million. The funds will be used to accelerate the expansion of Wasabi’s AI infrastructure, further accelerate its global expansion, and strengthen its product portfolio to meet the growing data storage demands of enterprises and AI developers around the world.

“We are leading the way 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 validates Wasabi’s strong market position and continued growth as enterprises and AI developers demand cloud storage at a predictable cost and an alternative to hyperscalers.”

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In 2017, Wasabi revolutionized the cloud storage model with its flagship Hot Cloud Storage, offering predictable costs with no egress or API request fees. It also launched Wasabi AiR , the first in its AI product lineup, featuring AI-powered metadata tagging . Recently, Wasabi Fire*, an NVMe-enabled storage class designed for compute-intensive AI and machine learning training, real-time inference, high-frequency data logging, and media pipelines, eliminates hidden fees like egress. Wasabi also pioneered industry-leading data protection features, including Multi-User Authentication (MUA) and Covert Copy, a patent-pending, advanced ransomware-resistant storage solution. Covert Copy ensures critical data remains invisible and inaccessible to attackers even in the event of a cyberattack.

Expansion in Japan is scheduled for the first half of 2026

“Storage may not get the same attention as GPUs, but without it, AI technology cannot be leveraged. Wasabi is providing high-performance storage at an affordable price with its innovative solutions, and we are thrilled to support their further growth,” said Kerstin Dittmar, Managing Partner and Chief Investment Officer at L2 Point. “Wasabi’s incredible momentum signals a transformation in the industry as AI drives unprecedented data growth and businesses overhaul how they store, access, and use data for competitive advantage. This investment by Pure Storage strengthens the partnership between these two storage innovators, combining our strengths to deliver services that can address the exponentially growing demand across these workloads.”

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Krishna Gidwani, vice president of strategy and corporate development at Pure Storage, added, “AI is transforming how businesses manage and store data. Wasabi has demonstrated strong execution in providing scalable, low-cost cloud storage designed for AI-enabled data environments without adding complexity or unpredictable costs. Our investment reflects our shared focus on building next-generation AI infrastructure that is intelligent by design and easy to deploy and operate.”

Wasabi Technologies manages over 3 exabytes of data across 16 storage regions worldwide, working with leading companies in backup, cyber resilience, media and entertainment, and enterprise technology. Additionally, Wasabi supports AI companies and data retrieval workloads that require highly reliable and cost-effective data archiving. Wasabi helps global customers, including iHeartMedia , Boston RedSox , Liverpool FC , and Ivy League universities ( such as Cornell University ), protect their critical data, allowing these organizations to focus on innovation in their fields.

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Source – businesswire

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