Cloud storage firm Wasabi Technologies has raised US$70 million (A$105m) in part to fund its expansion in artificial intelligence infrastructure.
The round values the company at US$1.8 billion. It was led by US-based private equity firm L2 Point Management with participation from Pure Storage and existing investors including Fidelity Management & Research Company.
In addition to expanding into AI, the company aims to use the funds to “broaden its global footprint, and enhance its product portfolio to meet the growing data demands of enterprises and AI developers worldwide”.
Wasabi Technologies co-founder and chief executive David Friend said in a statement that the company is providing cloud storage for data-intensive workloads like generative AI and autonomous systems.
“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,” he said.
L2 Point managing partner and chief investment officer Kerstin Dittmar’s statement expressed optimism about supporting Wasabi’s next stage of growth.
“Storage may not receive the same attention as GPUs, but without it, the use of AI tools and technology grinds to a halt,” he said.
In 2025, Wasabi Technologies expanded its cloud storage capabilities; unveiled a high-performance storage class that supports AI workloads; and teamed up with Dell Technologies to provide customers with access to a more reliable and cost-effective cloud storage option.
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