Wasabi Technologies raises $70m to advance its AI cloud storage
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The news: Boston-based object storage provider Wasabi Technologies has raised $70 million to accelerate its AI-first cloud storage strategy. The round was funded by Pure Storage and Fidelity Management & Research, valuing the company at $1.8 billion and bringing its total funding to more than $600 million.
Wasabi said the funds will be used to drive its expansion into AI infrastructure, broaden its global footprint and enhance its product portfolio to meet the growing data demands of enterprises and AI developers worldwide.
The context: In 2017, Wasabi Technologies launched its flagship 'Hot Cloud Storage' and has since expanded its AI portfolio with 'Wasabi AiR', hot cloud storage with AI-powered metadata tagging, as well as strengthened its data security authorisation with 'Covert Copy'.
Wasabi partners with customers around the globe, including iHeartMedia, the Boston Red Sox, Liverpool Football Club, Toshiba and Cornell University.
What they said: "AI is changing the way enterprises manage and store data. Wasabi is demonstrating strong execution in delivering scalable, low-cost cloud storage built for AI ready data environments without added complexity or unpredictable costs,” Pure Storage vice president Krishna Gidwani said.
"Our investment reflects a shared focus on building the next generation of AI infrastructure that is intelligent by design and simple to deploy and operate."
The source: Wasabi Technologies media release
