Another competitor in the backup and storage space considering an IPO, Veeam, was funded to the tune of $500 million. And they each far surpassed Backblaze in revenue, reporting $318 million and $1 billion last year, respectively. From B2 to IPOīackblaze sells itself as the affordable cloud storage alternative. Its B2 storage service is comparable to that of cloud giants, but is much cheaper. Now fourteen years after its founding, Backblaze believes its established the product and cultural foundation to go public, partially because of B2.Īccording to Backblaze’s website, B2 costs $0.005 per gigabyte of storage each month compared to $0.021 with AWS, $0.017 with Azure, and $0.020 with Google Cloud. Revenue for the service grew 65% year over year, bringing in $14.2 million for the company in 2020.īackblaze, however, isn’t alone in IPOing with limited funding and revenue. Spanx, though in another industry, went public just last month without taking a dime in outside funding. And 16 companies valued at $1 billion or more have gone or are expected to go public in 2021 despite having zero revenue, marking an all-time high since the dot-com boom. On the flip side, other companies like Uber and WeWork, which have each raised billions only to struggle to find business models and turn profits, have shown that VC dollars don’t guarantee a road to success.īackblaze intentionally sought to avoid VC funding, even though it took some over the years, according to Budman. The decision was partially a cultural one, as Budman thought employees would be more motivated to focus on efficiency and the product. It’s hard to do so “when you’re sitting on a large pile of cash on day one,” he said.īesides making a statement, an IPO provides the opportunity to raise additional funds and invest in the company’s products and go-to market strategy.
But Budman said he hopes going public “both means a lot and very little” …….For a hard drive to work, the platters of magnetized cobalt alloy must spin, and spin fast (typically 120 rotations per second). To store data, an actuator arm fitted with a tiny electromagnet called a read-write head must flip the polarity of specific grain clusters on the platter-the bits-in precise sequences as they whirl by, turning ones to zeros and zeros to ones. These days, a decent read-write head can read or flip 3.8 million bits during a single go-round. But this densely packed little world is terrifically delicate. #Cloud backblaze thursday friday 650mnovetcnbc softwareĪ speck of dust can cover up kilobytes, and the read-write head might have only three nanometers of clearance above the platter, less than the depth of a fingerprint.
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