AI Puts Storage Services in the Big Time
Storage in AI workflows is in the spotlight, as enterprise customers increasingly deploy AI models and inference. And they’re shifting to cloud services from the hyperscalers and others to streamline the AI process. Advantages include speed of deployment and the advantages of cloud-based access.
Enter a growing number of companies that offer cloud-based storage services for structured and unstructured data. These specialized providers compete directly with the similar services from the leading hyperscalers—AWS, Microsoft, Google, and Oracle among others, though their services can be integrated with those of their rivals because they support the AWS S3 object format.
Mainly they compete on price, substantially undercutting the costs of the bigger players while reducing or eliminating the data egress fees the hyperscalers tack on. At the same time, market expansion has service providers competing on functionality, security, regulatory compliance, and other differentiating features.
Storage Services in the Headlines
The growing popularity of these storage services is evident in recent news: Wasabi, a major player in the segment, this week announced $70 million in fresh funding. The round values Wasabi at $1.8 billion. It was led by L2 Point Management with participation from enterprise storage system provider Pure Storage and existing investors including Fidelity Management & Research Company. The round brings Wasabi’s total raised to $600 million.
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