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. 

Join 400+ leaders at North America’s premier digital infrastructure & AI investment event. The most influential leaders in cybersecurity, digital infrastructure, and energy innovation are converging in Montreal on February 11 for Connect North American Investment in Digital Infrastructure & AI. This is one of the most important executive gatherings of the year—where conversations around Canada’s digital security, infrastructure resilience, and long-term competitive advantage are actively taking shape. To learn more visit www.connectdigitalai2026.com