Four-Year Old Company’s Unprecedented Growth Propelled by Product Demand and Industry-Wide Shift Towards Consolidated Offerings
NEW YORK, May 7, 2024 (Newswire.com)
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Cloud security leader Wiz has raised $1 billion at a $12 billion valuation, bringing the company’s total funding to $1.9 billion. The current round is led by Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital, with participation from Greylock, Wellington Management, and existing investors Cyberstarts, Greenoaks, Howard Schultz, Index Ventures, Salesforce Ventures, and Sequoia Capital. The news comes on the heels of the acquisition of Gem Security, a leading Cloud Detection and Response (CDR) provider, as Wiz expands and enriches its Cloud Native Application Protection Platform (CNAPP) while setting its sights on an eventual IPO.
At 4 years old, Wiz has shattered growth records, achieving $350M ARR in 2023. The last 12 months have included many other significant milestones, from executive hires to third party recognition. At the start of 2024 Dali Rajic, formerly COO & President of Zscaler, joined as COO & President. Wiz now works with 40% of the Fortune 100, and was voted the #1 security product by independent customer reviews on G2. Notably, Wiz was the highest-ranked cloud security company on the Forbes Cloud 100 and received the top score in the “current offering” category of The Forrester Wave: Cloud Workload Security, Q1, 2024.
Wiz has also made pioneering research discoveries to advance cloud and AI security, working with leading AI-as-a-service provider Hugging Face to strengthen AI security and publishing an inaugural State of AI in the Cloud report.
Wiz predicts that 2024 will be “the year of security consolidation” and will use the latest round of funding to help drive future M&A efforts, along with talent recruitment and product development. The company’s recent M&A activity includes the acquisitions of Raftt to empower developers and Gem Security to reinvent threat detection in the cloud.
Supporting quotes:
- Assaf Rappaport, CEO and cofounder, Wiz: “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.”
- Sarah Wang, Andreessen Horowitz: “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, Lightspeed: “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, Thrive Capital: “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 on the news, visit wiz.io/blog.
About Wiz
Wiz secures everything organizations build and run in the cloud. Founded in 2020, Wiz is the fastest-growing software company in the world. Wiz enables hundreds of organizations worldwide, including 40 percent of the Fortune 100, to rapidly identify and remove critical risks in cloud environments. Its customers include Salesforce, Slack, Mars, BMW, Avery Dennison, Priceline, Cushman & Wakefield, DocuSign, Plaid, and Agoda, among others. Wiz is backed by Andreessen Horowitz, Sequoia, Index Ventures, Lightspeed, Insight Partners, Cyberstarts, Thrive Capital, Greylock, Wellington, Salesforce, Blackstone, Advent, Greenoaks and Aglaé. Visit https://www.wiz.io for more information.
Source: Wiz
