Wasabi Raises $70M in New Equity (wasabi.com)

Wasabi Technologies has successfully raised $70 million in equity funding, valuing the company at $1.8 billion. This funding round was led by L2 Point Management, with contributions from Pure Storage and existing backers like Fidelity Management & Research. The new capital will be directed toward scaling Wasabi's AI-first cloud storage solutions, enhancing its global presence, and expanding product offerings to meet the increasing data demands of enterprises and AI developers. Wasabi aims to support high-performance workloads such as generative AI and autonomous systems, emphasizing its stance as a viable alternative to traditional hyperscalers. This investment is particularly significant for the AI/ML community as it highlights the critical role of efficient and affordable data storage in advancing AI technologies. Wasabi's innovative storage solutions, like Wasabi AiR with AI-powered metadata tagging and Wasabi Fire for intensive AI training, are designed to tackle the challenge of data management without incurring hidden costs. As organizations increasingly look to leverage data for competitive advantages, Wasabi's approach to creating scalable and cost-effective storage solutions positions it as a key player in the evolving data infrastructure landscape, assuring customers of security and visibility even against cyber threats.