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: Over $700M in company-reported total funding; includes debt financing, with a $250M credit facility announced April 21, 2026.. Latest round: Debt. 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
- Over $700M in company-reported total funding; includes debt financing, with a $250M credit facility announced April 21, 2026.
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), Wasabi MCP (Beta Model Context Protocol server giving AI agents access to S3, IAM, and Wasabi Account Control Manager operations; announced July 8, 2026), Wasabi Impact Circle (Carbon-footprint tracking and carbon-credit purchasing initiative powered by Zero Circle; launched June 24, 2026)
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, Megaport strategic partnership announced July 21, 2026: Wasabi powers the cloud object storage layer of Megaport Storage, with expanded private connectivity to Wasabi's 16 storage regions, Zero Circle: powers Wasabi Impact Circle, launched June 24, 2026, for storage-emissions tracking and carbon-credit purchasing
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), Established a dedicated AI business in Silicon Valley and appointed Pinaki Mukherjee as SVP & General Manager (September 10, 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
Covert Copy ransomware-resistant storage technology is described by Wasabi as patent pending. US Patent 10,108,355 concerns erase block state detection and was originally assigned to Pure Storage, not Wasabi.
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, Sonexis, 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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Official website: https://wasabi.com