Wasabi raises US$112 million Series C financing

KUALA LUMPUR, April 30 -- Wasabi, the hot cloud storage company, has announced US$112 million in Series C funding led by Fidelity Management & Research Company with participation from existing investors. (US$1 = RM4.098)

According to a statement, the round follows Wasabi’s US$27.5 million in debt financing announced in January. The C round brings Wasabi’s total equity financing to S$219 million.

The valuation of the C round was roughly triple the valuation of the company’s most recent equity round, which closed almost exactly a year ago. Wasabi’s revenue and storage under management has also tripled in the last year with deployed storage recently passing one exabyte.

Proceeds from this funding will be used to expand the company’s network of resellers, technology alliance partners, and distributors, open data centres in many new international markets, and to significantly grow its internal team across all fronts.

The company will also use the proceeds to make further investments in building its brand internationally and providing additional marketing support for its channel partners.

Wasabi’s rapidly expanding customer base stores every imaginable type of data ranging from backups, DR and archiving to surveillance, medical imaging, big science, education, genomics, AI/ML data lakes, television, movies and government data.

J.P. Morgan Securities LLC served as lead placement agent and Lincoln International served as a co-placement agent to Wasabi in connection with this funding. Foley & Lardner served as counsel to the company. -- BERNAMA