Dropbox agrees to buy AI storage startup Tigris Data for about $350 million

Dropbox has agreed to buy Tigris Data, a startup that runs a globally distributed object storage platform built for AI workloads, for about $350 million in cash. TechCrunch reported the deal on November 5 and called it what appears to be Dropbox's largest acquisition to date.

The price is not only a press report. In an SEC filing, Dropbox says it entered into a definitive agreement on November 3 to acquire all of Tigris for "cash consideration of approximately $350 million," subject to customary price adjustments. Dropbox expects the deal to close in the fourth quarter of 2026, and the filing notes the usual risk that it may not close on time or at all.

Tigris was founded by former Uber engineers and raised a $25 million Series A in 2025. Its pitch is storage that keeps data closer to users and compute, so applications wait less to read it. Dropbox plans to use it as the base of DBX Agent Cloud, which will start as a standalone object storage product that works with tools built for Amazon S3.

For a company known for consumer and team file sync, this is a clear move toward selling infrastructure to people building AI products. It also puts Dropbox in a crowded market next to the big cloud providers. Dropbox told TechCrunch it has no plans to cut headcount as part of the deal. For founders, the more striking detail is the exit itself: a storage startup that raised a $25 million Series A in 2025 agreed to sell for about $350 million in cash.