Cloud storage company Wasabi has raised $70 million in an equity funding round that valued the company at $1.8bn.

The round was led by L2 Point Management with participation from Pure Storage and existing investors, including Fidelity Management & Research Company.

According to Wasabi, it will use the additional investment to support its expansion into AI infrastructure, broaden its global footprint, and develop its product portfolio.

The move into AI infrastructure comes after Wasabi launched a new storage class specifically designed for AI workloads. Revealed in November 2025, it is dubbed "Wasabi Fire" and, according to the company, extends its storage platform with NVMe, SSD-based performance designed for compute-intensive AI and ML training and real-time inference.

With the latest funding, Wasabi Technologies has now raised more than $600m to date.

“We’re ushering in the next generation of cloud storage, powering data-intensive workloads like generative AI and autonomous systems,” said David Friend, co-founder and CEO of Wasabi Technologies. “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.”

“Storage may not receive the same attention as GPUs, but without it, the use of AI tools and technology grinds to a halt,” said Kerstin Dittmar, managing partner and chief investment officer of L2 Point. “Wasabi’s innovative solutions help to make storage both high-performance and affordable, and we look forward to supporting the company’s next stage of growth.”

Among those participating in the latest round is Pure Storage, a fellow storage company, though one that focuses on all-flash data storage hardware and software. Pure's VP of strategy and corporate development, Krishna Gidwani, said of the decision to invest: "Our investment reflects a shared focus on building the next generation of AI infrastructure that is intelligent by design and simple to deploy and operate.”

Wasabi currently operates out of 16 global regions, and has more than three exabytes under management. It counts among its customers iHeartMedia, Boston Red Sox, Liverpool Football Club, and Cornell University.