Wasabi Raises $70M to Power Next-Gen AI Storage
Wasabi Technologies has raised $70 million in equity funding in a round led by L2 Point Management, with participation from Pure Storage and existing investors including Fidelity Management & Research Company. The financing values Wasabi at $1.8 billion and brings the company’s total capital raised to more than $600 million.
The new funding will be used to accelerate Wasabi’s expansion into AI-focused infrastructure, broaden its global footprint, and enhance its product portfolio as data-intensive workloads continue to scale.
“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 has positioned itself as a lower-cost, transparent alternative to traditional cloud storage providers, a value proposition gaining traction as organizations grapple with rapidly expanding data volumes tied to AI adoption.
Pure Storage’s participation further deepens the relationship between the two storage providers, aligning complementary capabilities across on-premises and cloud environments.
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