Wasabi Technologies, a Boston-based cloud storage provider, has closed a $70 million equity funding round, bringing its total capital raised to over $600 million and maintaining a valuation of $1.8 billion. Led by L2 Point Management with a strategic new investment from Pure Storage, the funding arrives at a critical juncture as the “GPU-first” era of AI shifts toward a “data-first” era. The company plans to use the infusion to accelerate its global infrastructure footprint and refine its specialized AI portfolio, offering enterprises a high-performance, predictable alternative to the often-opaque pricing of major hyperscalers.
The participation of Pure Storage is signaling a deepening alliance between two industry innovators focused on all-flash and software-defined storage. As organizations move generative AI and autonomous systems into production, the demand for storage that can handle high-throughput, low-latency workloads without hidden costs has skyrocketed. By integrating AI-driven metadata tagging and high-speed NVMe classes, Wasabi is positioning itself to be the essential “storage backbone” for AI developers who need their data to be as intelligent and accessible as the models they are training.
