Wasabi Technologies, a company launched in 2015 has recently raised $68 million in Series B funding round. According to reports, the company will use the funds to compete with cloud storage services providers Amazon and Google. Wasabi for long has the desire to compete with the cloud-storage service providers.

Wasabi will invest the new funding in marketing and sales with the hope to expand its horizon across the world, according to a statement given by company’s CEO David Friend. Explaining the company’s plan, David said that Google and Amazon are currently dominating the cloud market. Wasabi wants to be a part of the cloud storage market and for this, it will have to set a tough competition for the giants. The $68 million funding has boosted the confidence of the company. David said that the company would use the funds to tap in customers from Europe.

The Series B funding experienced investments from family and friends rather than from traditional investors, according to a statement by the company. Commenting on the cash flow of the company David said that the company needs some more time to bring it in positive. As of now, the company’s growth rate is not promising and that is why it not able to bring the cash flows in positive. The company has recently expanded its horizons and has gathered 3,500 customers and 3,000 customers are in waiting.

Wasabi unveiled its plans to store customers data in 2017. The company’s data center has the capabilities to store data six times faster than that of Amazon S3. Well, it is not just the storage speed but also the low price strategy that the company is using to tap in more customers. According to the company’s statement, the price of storing data at its data center is one-fifth of Amazon S3.

Wasabi’s cloud storage is an open service and it is compatible with the Amazon S3 API. The customers availing Wasabi’s cloud storage services can store and move data freely as there the data-centers are free from vendor lock-in.

For the cloud storage service, the company is charging a monthly fee of $4.99 per Tbyte. The customers will not have to pay an additional fee for accessing the storage or accessing the APIs. The company currently has two data centers with one being in Ashburn and the other in Hillsboro. Wasabi is planning to open yet another data center in Europe by the end of the year, according to CEO David Friend. For this, the company has engaged 45 employees working actively on developing software and towards achieving the common goal.

One of the users of the company’s cloud services said that the company is the real provider of cloud-storage services as compared to Amazon and Google. Bragging about the company’s expertise David said that the company has the ability to collect bits and store the data in a much better way than Linux.

According to stats, the new round of funding has brought the company’s total funding to more than $76 million. Wasabi CEO believed that the company may need more funding for its ambitious plan. However, he did not mention when and how much more funds it will need.