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Wasabi Technologies

Category: AI Infrastructure

A high-performance, low-cost cloud object storage service designed for 'hot' data, recently expanded to include AI-powered media indexing and metadata generation. Wasabi Technologies was founded in 2015. The company is led by David Friend. Based in Boston, USA. Team size: 500-1000. Total funding raised: $1.06B+ ($811.3M in prior rounds + $250M credit facility). Latest round: Series D Expansion (AI Growth Round). Key investors include L2 Point Management, Fidelity Management & Research Company, Cedar Pine, Prosperity7 Ventures, MGG Investment Group, Pure Storage, Bain Capital Private Credit.

Founded
2015
Headquarters
Boston, USA
Team size
500-1000
Total funding
$1.06B+ ($811.3M in prior rounds + $250M credit facility)

Value proposition

Offers cloud storage that is 1/5th the price of Amazon S3 with significantly faster performance and zero fees for egress or API requests, providing predictable 'utility-style' pricing.

Products and solutions

Wasabi Hot Cloud Storage (Core S3-compliant object storage), Wasabi Fire (NVMe SSD-based high-performance storage for AI/ML training and inference), Wasabi AiR (AI-enabled intelligent media storage with auto-tagging), Wasabi Surveillance Cloud (Hybrid cloud for video management systems), Wasabi Cloud Sync Manager (Automated data migration and replication), Wasabi Direct Connect (High-speed dedicated network connectivity), Covert Copy (Invisible, immutable ransomware-resistant data copy)

Unique value

Eliminates complex storage tiering (no 'cold' or 'archive' tiers) by treating all data as 'hot' and instantly accessible without financial penalties for data retrieval.

Target customer

Enterprises, Managed Service Providers (MSPs), Media & Entertainment firms, Video Surveillance providers, and AI/ML developers.

Industries served

Media & Entertainment, Video Surveillance & Security, Healthcare & Life Sciences, Education & Research, Government & Public Sector, Artificial Intelligence & Machine Learning

Technology advantage

Utilizes a proprietary distributed file system (Wasabi File System) that optimizes data placement on disk for higher throughput than standard hyperscalers, combined with a 'no egress fee' business model that disrupts traditional cloud economics.

How they differentiate

Eliminates egress fees and API request charges while offering a single-tier 'hot' storage architecture that is 80% cheaper and significantly faster than Amazon S3.

Main competitors

Amazon S3, Backblaze B2, Microsoft Azure Blob Storage

Key partnerships

Technology Partners: Veeam, Commvault, Milestone Systems, LucidLink, Dell Technologies, IBM, Infrastructure Partners: Equinix, Megaport, IBM Cloud, Strategic/Brand Partners: Boston Red Sox and Liverpool FC (Official Cloud Storage Partner), Distribution Partners: Pax8 and TD SYNNEX, Strategic Investor: Pure Storage

Notable customers

Boston Red Sox, Liverpool FC, National Hockey League (NHL), Legendary Entertainment, University of Oregon, iHeartMedia, Cornell University, Toshiba

Major milestones

Achieved Unicorn status with a $1.1B valuation in 2022, Surpassed 3 exabytes of data under management, Launched Wasabi AiR in 2024, the industry's first AI-powered intelligent media storage, Launched Wasabi Fire NVMe storage class for AI workloads (Nov 2025), Secured $70M equity round at $1.8B valuation (Jan 2026), Acquired Seagate's Lyve Cloud business (April 2026), Secured $250M credit facility from Bain Capital (April 2026)

Growth metrics

Estimated ARR of $160M-$200M; Unicorn valuation of $1.8B; 3+ exabytes under management; 16 global storage regions; 100+ countries served.

Market positioning

Disruptive price-performance leader in the object storage market, targeting enterprises and MSPs seeking predictable cloud costs.

Geographic focus

Global operations with data centers across North America, Europe, and Asia-Pacific (including Japan and Australia).

Patents and IP

Holds multiple patents related to high-performance distributed storage, data integrity verification, and optimized object storage architectures (e.g., US Patent 10,108,355).

About David Friend

David Friend is a prolific serial entrepreneur who has co-founded seven technology companies. Most notably, he co-founded Carbonite (online backup), which he led through a successful IPO in 2011. His previous ventures include Pilot Software, FaxNet, Sonigistix, Computer Pictures Corporation, and ARP Instruments. He is widely regarded as a pioneer in the cloud storage industry and a visionary in commoditizing data storage.

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