Israeli cloud security co Wiz raises $1b at $12b valuation

Israeli cloud security company Wiz The company announced the completion of a $1 billion financing round at a company valuation of $12 billion. This brings the total amount raised by the company to $1.9 billion.

The latest 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.

This is the largest funding round ever completed by a private Israeli technology company, surpassing and nearly doubling the previous highest funding round, when Transmit Security raised $543 million in 2021.

The financing round comes after the acquisition of the Israeli company Cloud Detection and Response Jewel Security For $350 million in March, the acquisition enables Wiz to expand its cloud-native application protection platform.

Market sources say Wiz plans to conduct an IPO on Wall Street within two years. The company, which generated $100 million in annual revenue within 18 months of launching its product — an industry record — has an ambitious goal of achieving $1 billion in annual revenue in the coming years.

Following the acquisition of Gem Security and Israeli cloud platform Raftt in December 2023, Wiz says it will use the latest funding to help drive future M&A efforts, along with talent recruitment and product development.

“We will never stop innovating on behalf of our customers,” said Wiz CEO Assaf Rappaport. “Wiz has worked to earn the love of our security and development teams; as we work to strengthen our CDR capabilities, our SOC teams are also part of this equation. This funding round will help us “This will continue to solve customers' complex cloud security challenges in an elegant and simple way while supporting their broader vendor consolidation efforts.”

Sarah Wang of Andreessen Horowitz said, “Wiz is a leader in cloud security and has demonstrated remarkable agility, adaptability and a deep understanding of market dynamics. This has enabled intelligent growth and positions it as a strong player in the cybersecurity space.”

Wiz, founded in 2020 by Rappaport, Ami Luttwak, Roy Reznik and Yinon Costica, has 900 employees in Israel, the US, Europe and Asia and plans to hire more than 400 new employees this year, some in Israel.

Published by Globes, Israel Business News – en.globes.co.il – on May 7, 2024.

© Copyright Globes Publisher Itonut (1983) Ltd., 2024.