Boston-based Wasabi works to make cloud storage more affordable, predictable and secure, and the company recently pulled in $70 million to further its goal. L2 Point led the funding round that brings Wasabi’s total capital to over $600 million. The AI-first cloud storage company has achieved a $1.8 billion valuation following the raise.
Having built upon its flagship hot cloud storage offering since its launch in 2017, Wasabi’s platform now includes AI-powered metadata tagging through Wasabi AiR. It also offers a storage class called Wasabi Fire, designed for compute-intensive AI and ML training, real-time inference, data logging and media pipelines. As enterprises continue to adopt AI, Wasabi wants to power their data-intensive workloads, such as generative AI and autonomous systems.
“We’re ushering in the next generation of cloud storage, powering data-intensive workloads like generative AI and autonomous systems,” David Friend, co-founder and CEO of Wasabi Technologies said in a statement. “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 will invest its latest injection of funding into expanding into the AI infrastructure category, building out its global footprint and enhancing its product offerings to meet the evolving demands of global enterprises and AI developers.
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