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Wasabi Raises Additional $25M in Funding, Led by Prosperity7 Ventures, and Extends Series C to $137M in Financing

May 2021 by Marc Jacob

Wasabi announced $25 million in additional funding led by Prosperity7 Ventures, the diversified growth fund of Aramco Ventures. Western Digital Capital, the investment arm of storage device manufacturer Western Digital, also participated in the round. This round is an extension of Wasabi’s Series C financing announced in April, expanding the total funding raised for the round to $137 million and the company’s total equity financing to $244 million.

This latest round of funding comes as Wasabi reported 3x year-over-year growth, reaching 23,000 customers worldwide and over 5,000 Channel Partners and 350 Technology Alliance Partners. The additional capital will be used to further accelerate Wasabi’s worldwide roll-out of data centers and to grow the company’s distribution channels and partner network while continuing to build a team to support this rapid expansion.

Wasabi’s low-cost, high-performance cloud storage is enabling companies to cut their data storage costs by 75% or more. Data-intensive industries, such as energy and exploration, are making extensive use of AI to extract value from their data. But the cost of storing large amounts can make some of these AI-based applications difficult to justify. Reducing the cost of cloud data storage by 75% or more changes the equation and facilitates more rapid development of data-rich AI applications.

“IDC forecasts that the public cloud IaaS market will grow more than 30% annually in 2021, as enterprises move toward post-pandemic recovery and operation; while also prioritizing strategic goals around digital transformation and IT modernization,” said Andrew Smith, Research Manager, Cloud Infrastructure Services for IDC. “This growth of the cloud infrastructure market is pervasive across all geographies, including EMEA, where we forecast the market will expand at a 28% compound annual growth rate (CAGR) over the next four years.”

Wasabi’s storage is 1/5th the cost and faster than the competition with no fees for egress or API requests. For those currently using a private cloud, the availability of a public cloud through Wasabi extends data resources for greater overall capacity without the hefty price tag. For more information on Wasabi’s hot cloud storage, please visit Wasabi.com.


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