10 Best Technology Penny Stocks to Invest In According to Hedge Funds

8. Backblaze Inc. (NASDAQ:BLZE)

Number of Hedge Fund Holders: 21

Backblaze Inc. (NASDAQ:BLZE) is one of the best technology penny stocks to invest in according to hedge funds. On April 13, Backblaze appointed Anuj Kumar as Chief Revenue Officer to spearhead its global go-to-market strategy and revenue operations. Kumar brings over 20 years of experience in scaling enterprise infrastructure organizations, most notably leading NetApp’s worldwide cloud business through a period of substantial growth. His appointment comes as Backblaze enters a new phase of infrastructure demand driven by the rapid adoption of AI-native applications and neocloud services.

The transition follows a strong FY25 for Backblaze’s B2 Cloud Storage business, which recorded 26% year-over-year growth and secured its first eight-figure contract. Kumar will oversee two primary AI growth vectors: providing the storage backbone for GPU neocloud providers (a market projected to reach $14 billion by 2030) and supporting AI developers generating large-scale datasets. The company already services hundreds of AI firms involved in model training and media generation.

CEO Gleb Budman highlighted Kumar’s expertise in navigating the AI infrastructure ecosystem and his ability to drive execution rigor as the company moves upmarket. Kumar, who previously held senior leadership roles at SUSE, HUMAN Security, and VMware, aims to use Backblaze Inc.’s (NASDAQ:BLZE) S3-compatible, cost-efficient platform to capture durable, compounding revenue. He holds a degree in Electrical Engineering from BIT Mesra and has led sales organizations across three continents.

Backblaze Inc. (NASDAQ:BLZE) is a storage cloud platform that facilitates cloud storage and data backup for individuals and businesses. With an emphasis on high-performance, cost-effective storage, the company delivers its services through web-scale software infrastructure. It offers cloud storage services for public, hybrid, and multi-cloud data storage.