Backblaze Plugs Into Internet2 to Expand Service for Research and Education Institutions

Rhea-AI Summary

On May 16, 2024, Backblaze (Nasdaq: BLZE) announced its new membership in Internet2, a non-profit technology community focused on research and education. The collaboration links Backblaze's Storage Cloud to Internet2's high-speed network through the Internet2 Peer Exchange (I2PX) program. This partnership aims to provide compliant and efficient cloud storage solutions to research and educational institutions dealing with large datasets.

Backblaze will participate in the Internet2 Cloud Scorecard, ensuring its cloud solutions meet security, compliance, and technical standards. Internet2 includes 330 U.S. colleges, universities, and other related organizations. The partnership is designed to address data storage challenges such as ransomware attacks, budget constraints, and compliance issues, offering affordable and efficient data solutions. Backblaze's S3 compatible object storage offers a cost-effective alternative to traditional providers, with significant savings and better egress options.

Positive

• New membership in Internet2 enhances Backblaze's credibility and trust within the research and education sector.
• Connection to Internet2's high-speed network improves data transfer speeds for educational institutions.
• Participation in Internet2 Cloud Scorecard highlights Backblaze's compliance with security and technical standards.
• Backblaze's S3 compatible storage offers cost savings, estimated at one-fifth the price of traditional cloud providers.
• Three times more free egress allows institutions to save on data transfer costs.
• Enhances Backblaze's market penetration in the education and research sectors, expanding its customer base.

Negative

• Potential high costs associated with integrating and maintaining the connection to Internet2's network.
• Participation in Internet2 initiatives may require ongoing resource allocation, affecting operational efficiency.
• Increased competition from other cloud providers within the Internet2 community.
• Dependency on Internet2's network performance and reliability for service delivery.

Insights

Tech Expert

Backblaze's integration with Internet2 offers a significant advantage for educational and research institutions. The Internet2 network is designed to facilitate the rapid transfer of large datasets, which is critical for research purposes. By joining the Internet2 Peer Exchange (I2PX) program, Backblaze can now provide these institutions with secure and highly efficient data storage solutions. This move addresses the pain points such as data latency and cost efficiency.

The collaboration also involves participation in the Internet2 Cloud Scorecard, which enhances trust by ensuring that Backblaze’s services meet the stringent requirements of research and educational communities for security and compliance. This is important in an environment where data integrity and reliability are paramount.

This development could lead to increased adoption of Backblaze's services among over 330 U.S. colleges and universities, plus other research entities, thereby expanding their market reach.

Financial Analyst

Backblaze's entry into the Internet2 community represents a strategic business move aimed at expanding its customer base in the research and education sector. The company’s cloud storage solutions, which are cost-effective and compatible with industry standards, address the primary concerns of budget constraints and compliance needs. This partnership is likely to enhance revenue streams as more institutions migrate their data storage solutions to Backblaze.

Additionally, the competitive pricing—one-fifth the cost of legacy providers—and the provision of 3x free egress could make Backblaze a preferred choice. However, the company will need to continually invest in maintaining high-security standards and performance to retain these clients.

Investors should note the potential for steady growth from this strategic alliance, provided the adoption rate among educational and research institutions is high.

New Internet2 industry membership, Cloud Scorecard, and peered connection provide compliant, performant cloud storage for fast-growing datasets

SAN MATEO, Calif., May 16, 2024 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq: BLZE), the leading specialized storage cloud, today announced it has joined Internet2, a non-profit advanced technology community that delivers tailored solutions and a high-speed national network dedicated to research and education. This new collaboration includes:

• Connecting the Backblaze Storage Cloud to Internet2's network as part of the Internet2 Peer Exchange (I2PX) program.
• Participating in the Internet2 Cloud Scorecard to offer research and educational institutions relevant detail on Backblaze’s security, compliance, and technology specifications aligned with community standards.

Internet2 enables research and educational institutions to move large quantities of data quickly. Its members include 330 U.S. colleges and universities, as well as regional research and education networks, nonprofit and government organizations, and industry members that support the community’s education, research, and service missions.

Hundreds of institutions in the higher education and research space already rely on Backblaze for storing and using their data and protecting endpoints. However, many other organizations require data transmission via Internet2 for new cloud solutions. For these organizations, Backblaze’s participation in Internet2’s community and I2PX program provides secure data storage with less latency and a lower cost.

“Backblaze is a welcome addition to the Internet2 member community, where trusted collaboration and innovation intersect,” said Mike Erickson, Associate Vice President for Community Engagement at Internet2. “With their active participation in initiatives like the Internet2 Cloud Scorecard and Internet2 Peer Exchange, Backblaze delivers new solutions and expertise to support immediate and evolving community needs in the cloud.”

Data storage challenges for research and educational institutions include frequent ransomware attacks, constrained budgets, complicated compliance and regulatory requirements, and exponentially growing datasets. Previously, much of their data has been trapped on aging on-prem storage or stored with restrictive, high-priced legacy cloud providers, forcing administrators to choose between protecting data and funding new research programs. Backblaze B2 Cloud Storage’s S3 compatible object storage, at one-fifth the cost of other providers with 3x free egress, enables these institutions to affordably secure all of their data and meet compliance needs without sacrificing performance.

“Backblaze’s participation in the I2PX program helps leading research and academic institutions do more with their data with less time and effort,” said Chris Opat, Senior Vice President of Cloud Operations at Backblaze. “We look forward to expanding our service for this community and helping them solve the technological issues that are currently holding back their world changing efforts.”

For more information about Backblaze joining Internet2 and other higher education initiatives, please visit the blog.

About Backblaze

Backblaze makes it astonishingly easy to store, use, and protect data. The Backblaze Storage Cloud provides a foundation for businesses, developers, IT professionals, and individuals to build applications, host content, manage media, back up and archive data, and more. With over three billion gigabytes of data storage under management, the company currently works with more than 500,000 customers in over 175 countries. Founded in 2007, the company is based in San Mateo, CA. For more information, please go to www.backblaze.com.

Press Contact:
Jeanette Foster
Communications Manager, Backblaze
jfoster@backblaze.com

About Internet2

Internet2^® is a non-profit, member-driven advanced technology community founded by the nation’s leading higher education institutions in 1996. Internet2 serves 335 U.S. universities, 58 government agencies, 46 regional and state education networks and through them supports more than 80,000 community anchor institutions, over 1,000 InCommon participants, 59 leading corporations working with our community, and 70 national research and education network operators that represent more than 100 countries.

Internet2 delivers a diverse portfolio of technology solutions that leverages, integrates, and amplifies the strengths of its members and helps support their educational, research, and community service missions. Internet2’s core infrastructure components include the nation’s largest and fastest research and education network that was built to deliver advanced, customized services that are accessed and secured by the community-developed trust and identity framework. For more information, visit https://internet2.edu.

Internet2 Media Contacts:

Sara Aly
Director of Communications
saly@internet2.edu

Amber Rasche
Senior Communications Specialist
arasche@internet2.edu 

FAQ

What is the impact of Backblaze joining Internet2 on BLZE stock?

The collaboration with Internet2 is likely to enhance Backblaze's credibility and market reach in the education and research sectors, which could positively influence BLZE stock.

How will Backblaze's connection to Internet2's network benefit educational institutions?

Educational institutions will benefit from faster data transfer speeds, lower costs, and improved compliance and security standards in their cloud storage solutions.

What is the Internet2 Cloud Scorecard, and how does it relate to Backblaze?

The Internet2 Cloud Scorecard is a measure of a company's compliance with security and technical standards. Backblaze's participation indicates its cloud solutions meet these standards, enhancing its credibility.

What are the cost advantages of using Backblaze's cloud storage for research institutions?

Backblaze's S3 compatible object storage is estimated to be one-fifth the cost of traditional providers and offers three times more free egress, providing significant savings.

What challenges are addressed by Backblaze's participation in Internet2?

Backblaze aims to address data storage challenges such as ransomware attacks, budget constraints, compliance issues, and the handling of growing datasets for research and educational institutions.