Dropbox to Buy Tigris Data for $350M in Push Into AI Infrastructure

A shift in AI strategy

The announcement coincides with what San Francisco-based Dropbox calls "a significant shift" in its AI strategy: expanding from storing and sharing files into selling the infrastructure companies use to build AI applications. Alongside the deal, Dropbox unveiled DBX Agent Cloud, which will initially offer standalone object storage for large collections of data, including images, video and files used to train and run AI models.

"Tigris brings together a product already running in production, an experienced team, and established relationships with AI developers," said Eric Webster, Dropbox's chief business officer. He said the combination would accelerate the company's entry into infrastructure for AI applications.

Tigris has raised about $31.9 million since 2021, according to Crunchbase data, including a $25 million Series A in October 2025 led by Spark Capital with Andreessen Horowitz and Basis Set Ventures participating. General Catalyst is among earlier backers.

Acquisition history

Crunchbase counts 35 known Dropbox acquisitions, most of them in its early years, including 23 between 2012 and 2015. The company made four across 2024 and 2025, among them Reclaim.ai, Nira, Promoted.ai and Mobius Labs. Earlier large deals include HelloSign ($230 million, 2019), DocSend ($165 million, 2021) and FormSwift ($95 million, 2022).

For existing customers, Dropbox is adding AI that helps find, understand, create, edit and organize files, and lets users work with their content in tools such as ChatGPT and Claude. Webster said DBX Agent Cloud opens a new developer and infrastructure market, while AI inside Dropbox is meant to deepen engagement and retention among current customers.