Wiz Secures $1 Billion in Latest Funding Round, Valuation Hits $12 Billion
Wiz Founders ● From left to right: Yinon Costica (VP Product); Assaf Rappaport (CEO); Ami Luttwak (CTO); Roy Reznik (VP R&D) ● Photo Credit: Avishag Shaar-Yashuv
NEW YORK, May 7, 2024 (VSNewsNetwork.com) - Cloud security company Wiz has announced a significant funding milestone, raising $1 billion in a round that values the company at $12 billion. This latest funding, led by Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital, brings Wiz's total funding to $1.9 billion. The investment round also saw contributions from Greylock, Wellington Management, and existing investors including Cyberstarts, Greenoaks, Howard Schultz, Index Ventures, Salesforce Ventures, and Sequoia Capital.
Assaf Rappaport, CEO and co-founder of Wiz, expressed his vision for the company's future following the funding: “We will never stop innovating on behalf of our customers. Wiz has worked to earn the love of security and development teams; as we bolster our CDR capabilities, SOC teams are also part of that equation. This funding round will help us continue to solve customers’ complex cloud security challenges in an elegant, simple manner while supporting their broader vendor consolidation efforts.”
Wiz has experienced rapid growth since its inception four years ago, reaching $350 million in annual recurring revenue (ARR) in 2023. The company's recent milestones include significant hires and high ratings in industry evaluations. Wiz now services 40% of the Fortune 100 and has received top rankings for security products from G2 and Forbes Cloud 100.
The company has also been active in mergers and acquisitions, including the recent purchase of Gem Security. These moves are part of Wiz's strategy to expand its Cloud Native Application Protection Platform (CNAPP) and prepare for a potential initial public offering.
Investor comments underscore Wiz's robust market position. Sarah Wang from Andreessen Horowitz remarked, “Wiz is a cloud security pioneer and has demonstrated remarkable agility, adaptability, and a keen understanding of market dynamics. This has enabled smart growth and positioned them as a power player in the cybersecurity space.”
Arsham Memarzadeh from Lightspeed commented on the company's rapid ascent: “Wiz is nothing short of a rocket ship. They were built for the cloud from day one and have an intense customer focus. It's what's allowed them to offer unmatched value to CISOs and ascend into market leadership so quickly. We're thrilled to deepen our partnership with the team."
Philip Clark from Thrive Capital highlighted Wiz's unique market position: “Wiz is a true cybersecurity platform - perhaps the only such company started in the last decade. This remarkable trajectory is a reflection of the team’s deep expertise, relentlessness, and execution. Wiz is poised to solve the next wave of security problems for its customers, including the challenge posed by AI. We are thrilled to be co-leading this round.”
For more detailed insights, visit www.wiz.io/blog.
Source: Wiz via Newswire
