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Wiz Announces $1 Billion Funding Round, Plans More M&A

Cloud Security Company Wiz announced that it had raised a colossal $1 billion in funding, bringing its total to $1.9 billion.

This fundraising for the company, valued at $12 billion, 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 4-year-old company has major achievements under its belt, such as its annual recurring revenue of $350 million in 2023 and a ranking in the Forbes Cloud 100, as well as its work alongside cloud providers. notable AI services. Despite this, this level of funding wins the prize.

Wiz aims to use the capital to continue M&A efforts in addition to product development and recruiting new talent, predicting that 2024 will be “the year of security consolidation”; the company has recently acquired companies such as Raftt and Gem Security.

“Cybersecurity is evolving at lightning speed, and so must we,” wrote Assaf Rappaport in a blog post thank customers and investors. “Our quest to build a platform that security and development teams love now includes SOC teams, thanks to the threat detection expertise that Gem brings to us.

He added that in an industry that is evolving so rapidly, “the rate of innovation must never falter” in response to the reasoning that talent acquisition and product expansion are key targets for new capital.