Cloud security company Wiz announced that it has raised a staggering $1 billion in funding, bringing its total to $1.9 billion.
This round of funding for the company, which has a valuation of $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 some major achievements under its belt, such its $350 million annual recurring revenue in 2023 and a ranking in the Forbes Cloud 100, as well as its work alongside notable AI service providers. Even so, this level of funding takes the cake.
Wiz aims to use the capital to further M&A efforts in addition to product development and recruiting new talent, predicting that 2024 will be “the year of security consolidation”; the company recently acquired companies such as Raftt and Gem Security.
“Cybersecurity moves at warp speed, and so must we,” Assaf Rappaport wrote in a blog post thanking 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 brought to us by Gem.”
He added that in an industry that moves so quickly, the “rate of innovation must never falter” in response to the reasoning behind talent acquisition and product expansion being the key targets of the fresh capital.
Source: www.darkreading.com