Wasabi additional US$25 million funding to fuel data centre, new market expansion

KUALA LUMPUR, May 21 -- Wasabi, the hot cloud storage company, has announced US$25 million in additional funding led by Prosperity7 Ventures, the diversified growth fund of Aramco Ventures. (US$1 = RM4.139)

Western Digital Capital, the investment arm of storage device manufacturer Western Digital, also participated in the round, according to a statement.

This round is an extension of Wasabi’s Series C financing announced in April, expanding the total funding raised for the round to US$137 million and the company’s total equity financing to US$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 centres and grow its distribution channels and partner network while continuing to build a team to support this rapid expansion.

Wasabi’s low-cost, high-performance cloud storage enables companies to cut their data storage costs by 75 per cent 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 per cent or more changes the equation and facilitates more rapid development of data-rich AI applications.

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.

-- BERNAMA