Backblaze Business Summary

Backblaze, Inc. (BLZE) operates a subscription-based software-as-a-service (SaaS) model, providing specialized cloud storage and data protection solutions. The company’s revenue is primarily derived from two segments: B2 Cloud Storage, a high-growth object storage platform serving developers and "neocloud" AI infrastructure providers, and Computer Backup, a legacy service for individual and business workstations. As of early 2026, Backblaze has pivoted aggressively toward the AI sector, securing eight-figure contracts to serve as the storage backbone for GPU-as-a-Service platforms. The company competes directly with hyperscalers like Amazon Web Services (S3) and Microsoft Azure, as well as specialized providers such as Wasabi Technologies and IDrive. Backblaze distinguishes itself in the market by offering a high-performance, "open cloud" alternative with transparent, lower-cost pricing and no vendor lock-in, positioning itself as the preferred utility layer for data-intensive AI and media workloads. The company was founded in 2007 by a seven-member team including Gleb Budman, Billy Ng, Nilay Patel, Brian Wilson, Tim Nufire, Casey Jones, and Sean Harris. The leadership team is currently led by Co-founder and CEO Gleb Budman, who previously held senior product roles at SonicWall and MailFrontier. Chief Financial Officer Marc Suidan, who joined in 2024, brings over 20 years of experience from PwC and The Beachbody Company, while CTO Brian Beach oversees the platform’s distributed storage architecture. In January 2026, the team was further strengthened by the appointment of Dan Spraggins as Senior Vice President of Engineering. Backblaze is supported by a board that includes industry veterans like Earl E. Fry (formerly of Informatica) and has historically received backing from institutional investors such as Trinity Capital and T. Rowe Price.