CLOUD STORAGE

Wasabi Technologies Closes $250 Million in New Funding to Usher In the Future of Cloud Storage

Wasabi Technologies | October 04, 2022 | Read time : 04:02 min

Wasabi Technologies
Wasabi Technologies, the hot cloud storage company, today announced it has achieved unicorn status following $250 million in new funding. Wasabi raised $125 million in Series D equity led by L2 Point Management with participation from Cedar Pine; an affiliate of Cerberus Capital Management; and returning investors including Fidelity Management & Research Company and Forestay Capital, bringing the company’s valuation to over $1.1 billion. Wasabi also expanded its existing debt facility with MGG Investment Group to $125 million. Barclays acted as sole placement agent on the transaction.

Wasabi provides fast, affordable, and highly reliable cloud data storage for businesses all over the world at 1/5th the cost of large hyperscale providers or on-premises storage, with no charges for egress or API requests and no complex tiering. The company's revenues more than doubled from 2020-2021, and Wasabi now has more than 40,000 customers in over 100 countries, 13,000 partners, 250+ global employees and 13 storage regions across North America, Europe, and Asia Pacific. The new equity will drive expansion into additional vertical markets and geographies, enhance Wasabi’s channel partnerships, and scale the company’s go-to-market team and global brand strategies. Meanwhile, the debt will be used to finance capital equipment and infrastructure in Wasabi’s storage regions around the world, and to invest in Wasabi’s technology capabilities to lay the groundwork for a new generation of cloud storage architecture.

“Closing a large up round in this environment speaks to the spectacular growth of Wasabi, the magnitude of the cloud storage opportunity, and our leadership as the industry’s largest pure-play cloud storage vendor. At Wasabi, we focus on just one thing: cloud storage. We do it better than anyone else in the industry. Because of this singular focus, our team has achieved best-in-class performance and security at the lowest prices in the industry,” 

David Friend, co-founder and CEO of Wasabi Technologies

Kerstin Dittmar, managing partner of lead investor L2 Point, will join Wasabi’s Board of Directors. “Wasabi provides a game-changing product that offers customers a simpler, faster, and significantly more economical solution to their cloud data storage needs. We believe this capital raise will allow Wasabi to continue to expand its offering across additional services and geographies to meet their global customers’ needs,” said Dittmar.

“We are proud to partner with Wasabi to provide innovative solutions in cloud storage and security,” added Sam Barnett, PhD, executive chairman of Cedar Pine. “The importance of Wasabi’s technology is increasing in every industry.”

Kevin Griffin, CEO of MGG Investment Group, also commented, “We seek to partner with best-in-class entrepreneurs and companies and are excited to continue supporting Wasabi Technologies and their global expansion.”

In addition to the industry-leading performance of Wasabi hot cloud storage, the company partners with over 350 technology companies, including most of the world’s leading backup, disaster recovery, and surveillance companies. Wasabi is used to store data across a wide range of industries, including professional sports, energy and natural resources, finance, surveillance, education, manufacturing, consumer technology, healthcare, scientific research, and media and entertainment.

“As our data needs continue to evolve, from player analytics, IoT, digital assets and even security, this presents an enormous learning opportunity for the organization,” said Brian Shield, senior vice president and CTO of the Boston Red Sox. “Wasabi provides a cost-effective cloud-based solution that enables us to retrieve content quickly and improve the level of video analysis and production we do here at the Red Sox.”

About Wasabi Technologies
Wasabi provides simple, predictable and affordable hot cloud storage for businesses all over the world. It enables organizations to store and instantly access an unlimited amount of data at 1/5th the price of the competition with no complex tiers or unpredictable egress fees. Trusted by tens of thousands of customers worldwide, Wasabi has been recognized as one of technology’s fastest-growing and most visionary companies. Created by Carbonite co-founders and cloud storage pioneers David Friend and Jeff Flowers, Wasabi is a privately held company based in Boston. Wasabi is a Proud Partner of the Boston Red Sox, and the Official Cloud Storage Partner of Liverpool Football Club and the Boston Bruins.

About L2 Point Management
L2 Point Management (“L2 Point”) is a San Francisco based investment firm providing innovative capital solutions for growth companies. With expertise across the capital structure, L2 Point works to address a common concern of late-stage companies today: the lack of an alternative cost of capital product between highly dilutive growth equity and operationally restrictive debt.

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CLOUD SECURITY

A More Efficient, Innovative and Greener 11.11 Runs Wholly on Alibaba Cloud

Alibaba Cloud | November 16, 2022

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We intend to continue applying these proven capabilities to even better serve our customers and help them to be more efficient, innovative and greener in their own digital transformation journeys,” Li Cheng, Chief Technology Officer (CTO) of Alibaba Group Doing more with less through cloud-native and serverless innovations This year’s 11.11 was powered by Alibaba Cloud’s dedicated processing unit for the Apsara Cloud operating system. The upgraded infrastructure system, significantly improved efficiency of computing, storage and network in data centers supporting the event, while also reducing network latency. For example, with this new upgrade supported by cloud-native technology, ordering, pre-sale balance payment and refunding could be launched simultaneously with an enhanced scalability and lower latency. During this year’s 11.11, the front page of Taobao, one of Alibaba’s e-commerce platforms, was upgraded by the latest serverless technology, allowing for automatic scaling with extreme elasticity based on actual workloads. Alibaba Cloud’s cloud-native database products also significantly expanded the capacity of consumers’ shopping carts by more than a double, from 120 items to 300. The ApsaraDB for Redis Enhanced Edition (Tair), a cloud-based in-memory database service for enterprises, supports new functions such as product grouping and sorting, enabling consumers to organize their shopping cart according to their own preferences. They could also make use of the ‘select’ function to enjoy cross-merchant discounts, to pre-order goods and use vouchers for a more rewarding shopping experience. Innovative technology delivers more immersive consumer experience A more immersive shopping experience was created this year thanks to Alibaba’s proprietary technology in supporting extended reality. Alibaba’s technology in 3D modeling leverages a neural radiance field (NeRF), a neural network technology for generating novel views of complex 3D scenes. During this year’s 11.11, it assisted luxurious retail and furniture brands, like Burberry, Estee Lauder and SK-II, to build virtual stores on the e-commerce platform Tmall. Through self-developed 3D renderings that realistically represent natural light, flames and natural flowing water, an outdoor nature scene was built for sportswear brands including Descente (Japan), to showcase its latest products in a vibrant and invigorating environment. Consumers can also view the products in three dimensions, enabling them to inspect details up close, or try on their chosen watches and accessories virtually thanks to AR technologies. Consumers are also free to arrange different items of furniture indoors, or tents for outdoor camping. Another new expressive interaction came from an XR-powered marketplace on Tmall and Taobao. Using the automatic 3D space creation technology from Alibaba’s research institute DAMO Academy, a virtual shopping street was built, featuring over 700 products from 70 brands including 30 internationally-recognized franchises, such as Sanrio’s iconic Hello Kitty, and Hollywood’s franchise Minions. Shoppers can choose their own avatars, check out the products and place them in their virtual shopping carts. During this year’s 12-day festival from October 31 to November 11, nearly 2 million packages were delivered by Xiaomanlv vehicles, Alibaba’s last-mile logistics vehicle. This is double the package delivery volume from the same period last year. 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Alibaba is the world’s third leading and Asia Pacific’s leading IaaS provider by revenue in U.S. dollars since 2018, according to Gartner.

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CLOUD DEPLOYMENT MODELS

Cloudinary Community Program Creates Centralized Hub for User Conversations

Cloudinary | November 22, 2022

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CLOUD INFRASTRUCTURE MANAGEMENT

Datadog Acquires Cloudcraft to Create Live Cloud Architecture Diagrams

Datadog | November 10, 2022

Datadog, Inc. the monitoring and security platform for cloud applications, today announced it has acquired Cloudcraft, a visualization service for cloud and system architects to create real-time diagrams of their cloud infrastructures. A well-designed cloud architecture is essential in order to ensure the underlying infrastructure stays operational, in budget and compliant over time. Modeling cloud environments helps organizations accomplish these goals. However, traditional modeling and design tools are static, meaning they are outdated as soon as the documentation is published. Cloudcraft addresses this problem by providing real-time visualization of cloud infrastructures. Cloudcraft instantly analyzes service relationships within customers' AWS environments, reverse engineers a system architecture diagram and automatically updates that diagram in line with infrastructure changes. Datadog plans to continue to offer Cloudcraft to existing and new customers and enhance its capabilities by integrating with the Datadog platform. "Our goal is to help organizations make better cloud architecture decisions by creating real-time visualizations built on data and metrics, The acquisition by Datadog will enable us to further this mission through richer models, actionable insights and multi-cloud support." Tomas Junnonen, Founder and CEO of Cloudcraft "Hundreds of thousands of engineers have designed their cloud infrastructure with Cloudcraft's clear and readable diagrams," said Michael Gerstenhaber, VP of Product at Datadog. "Combining Datadog's real-time observability data with Cloudcraft will allow us to shift monitoring further left and support our customers' success with cloud migrations, container adoptions or other structural changes engineers consider every day." About Datadog Datadog is the monitoring and security platform for cloud applications. Our SaaS platform integrates and automates infrastructure monitoring, application performance monitoring and log management to provide unified, real-time observability of our customers' entire technology stack. Datadog is used by organizations of all sizes and across a wide range of industries to enable digital transformation and cloud migration, drive collaboration among development, operations, security and business teams, accelerate time to market for applications, reduce time to problem resolution, secure applications and infrastructure, understand user behavior and track key business metrics.

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CLOUD SECURITY

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Wiz | November 18, 2022

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