Wiz, a cloud security company, has catapulted itself to a $12 billion valuation after securing a $1 billion funding round. This brings Wiz’s total capital raised to $1.9 billion. The funding was led by acclaimed investment firms Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital, with additional contributions from Greylock, Wellington Management, and longstanding investors including Cyberstarts, Greenoaks, Howard Schultz of Starbucks fame, Index Ventures, Salesforce Ventures, and Sequoia Capital. Following its recent acquisition of cloud CDR provider Gem Security, Wiz has been aggressively expanding its Cloud Native Application Protection Platform (CNAPP), concurrently setting the stage for a future initial public offering (IPO). Since its inception in 2020, Wiz has experienced unprecedented growth, boasting an annual recurring revenue (ARR) of $350 million in 2023. These achievements coincide with strategic executive appointments, such as Dali Rajic as the new COO & President. Wiz’s market penetration is evident as it now serves 40% of the Fortune 100, earning it significant accolades, including being named the #1 security product according to G2 user reviews, a distinction in the Forbes Cloud 100, and the highest score in a notable Forrester security category. In addition to these milestones, Wiz has been instrumental in advancing security research, notably in AI, collaborating with AI service provider Hugging Face and publishing reports on AI in the cloud. Looking forward to 2024, Wiz envisions continued consolidation in the security sector and plans to strategically allocate its new funds towards prospective M&A activities, talent acquisition, and product enhancement. Its recent acquisitions of companies like Raftt and Gem Security underscore Wiz’s commitment to bolstering its offerings and addressing the myriad threats in cloud security. Leaders from major investment firms involved in the funding round have described Wiz as a pioneer, power player, and a rocket ship of the cloud security realm, alluding to its rapid ascent, customer-centric approach and solid market positioning. Wiz’s path forward is paved with ambitions to tackle emerging security challenges and an eventual IPO, indicating a promising trajectory in the cybersecurity landscape.

Cybersecurity, Venture Capital & Private Equity, Cloud Computing,United States

https://www.newswire.com/news/wiz-announces-1-billion-funding-round-at-12-billion-valuation-22319111