Wasabi Technologies Secures $70M Funding, Achieves $1.8B Valuation

Wasabi Technologies started life as BlueArchive in 2015, officially came online in 2017, and has spent nearly a decade proving that cloud storage does not have to feel like a slot machine with better branding. The Boston-based object storage company secured $70M in growth equity at a $1.8B valuation, and the subtext matters more than the number itself.

David Friend and Jeff Flowers did not arrive here chasing hype cycles. These are builders who co-founded Carbonite and have been shaping infrastructure since ARP Instruments helped wire sound into culture. David Friend runs Wasabi with an upside-down pyramid mindset, leadership exists to support builders, not hover over them. Jeff Flowers engineered the platform with the same discipline, simple, scalable, and intolerant of unnecessary friction.

Wasabi sells hot cloud storage that stays hot. One tier. No egress fees. No API tolls. No retrieval penalties hiding in the invoice. Fully S3-compatible, priced at $6.99 per TB per month, and engineered to scale cleanly from gigabytes to exabytes. 100K+ customers and 3+ exabytes under management say the math is not theoretical.

L2 Point Management led the round, with Kerstin Dittmar leaning in again after backing the company at the $1.1B mark in 2022. Pure Storage joined as a new strategic investor, and Fidelity Management & Research Company reinforced its prior conviction. That capital stack is not chasing momentum. It is backing operational clarity.

The timing is precise. AI workloads are inhaling data, hyperscaler pricing is testing CFO patience, and ransomware has dragged storage into boardroom conversations. Wasabi Fire delivers NVMe-class performance for AI training and inference without creative billing. Wasabi AiR turns media archives into searchable intelligence. Covert Copy hides immutable backups where attackers cannot see or touch them.

16 global regions. 15K channel partners. Customers across healthcare, finance, public sector, media, and sports. Boston Red Sox. Liverpool Football Club. iHeartMedia. Toshiba. Cornell University. This is not aspirational scale. This is infrastructure that shows up daily and performs.

The $70M accelerates AI adjacency, regional expansion, and product depth, but the real signal is restraint. In an industry addicted to bundling and complexity, Wasabi Technologies keeps choosing focus, hot storage, predictable pricing, and respect for the customer. That discipline is the quiet flex, and the market is listening.