Storj Increases Revenue Sevenfold In 2024, Enters 2025 In High Growth Mode

The company achieved 20% monthly growth in the second half of 2024, following acquisitions and product alignment with AI compute needs and rising demands of data-intensive industries like media and entertainment

LAS VEGAS, Dec. 10, 2024 /PRNewswire/ -- Storj is exhibiting at the Gartner IT Infrastructure, Operations & Cloud Strategies Conference Booth 134 December 10–12, 2024 Las Vegas, NV to optimize its go-to-market strategy for its cloud platform for 2025, encompassing distributed cloud object storage, on-demand GPU compute, and file management client mount solutions.

"Storj achieved remarkable growth in 2024, increasing its Annual Recurring Revenue (ARR) sevenfold. The last six months of the year saw consistent monthly growth of approximately 20%. During the year we completed two major acquisitions of Valdi.ai and PetaGene, closed our largest customer and channel partner engagements, and received extensive recognition from the Fast Company World Changing Ideas award to Ventana Research's Digital Innovation Award. I have stepped into the role of CEO and enjoyed participating in the Fast Company Impact Council. It has been a banner year, and we have much bigger goals within reach for 2025," said Storj CEO Colby Winegar.

Storj is celebrating cloud object storage customer growth, particularly in media and broadcast entertainment industries, coupled with rapidly rising demand for on-demand GPUs propelled by AI innovation. The company also recently launched the Channel First partner program to support its award-winning commitment to channel development, recognized by the Inc. Power Partner 2024 award.

In September 2024. Intellyx Analyst Jason Bloomberg wrote, "Both its storage and compute offerings have passed the network tipping point, as sufficient participants have offered their excess capacity to meet all of Storj's customers' needs. The company is now crossing the chasm, as sufficient early adopters have proven its model, leading to an explosion of early majority customers."

Due to Storj's acquisitions of Valdi in June and PetaGene in October, Storj's globally distributed, on-demand GPUs are becoming a game-changer for data-intensive organizations in AI, research, and life-sciences industries, delivered at a fraction of the cost and carbon of traditional approaches. Storj is seeing an increasingly receptive market landscape leading into 2025.

Storj CTO Jacob Willoughby says, "Our sevenfold growth in 2024 validates that organizations need a fundamentally different approach to AI infrastructure. Through our acquisitions of Valdi.ai and PetaGene, we've built an integrated platform that combines distributed storage, on-demand GPU compute, and advanced file management capabilities. As AI workloads become increasingly data-intensive, organizations are seeking more cost-effective, sustainable solutions. Looking ahead to 2025, we expect the shift toward flexible, on-demand AI infrastructure to accelerate as companies prioritize operational efficiency over traditional hardware ownership."

Storj Chief Architect JT Olio adds, "The market and ecosystem for LLM and other modern AI solutions has continued to mature, driving increased demand. Many large infrastructure providers are grappling with how the growing demand for GPU and storage has set them back on their climate and carbon neutrality goals, while simultaneously more and more products are integrating these new technologies directly into their products' workflows. Storj is in an enviable position, delivering solutions with up to 90% less carbon and cost impact compared to traditional hyperscaler approaches."

About Storj
Storj is redefining the cloud to advance the future of data—sustainably and economically. Storj leverages the vast global supply of spare resources to deliver services with better security, durability and performance. Experience up to 90% lower costs and carbon reduction with Storj.

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SOURCE Storj