New York-based cloud security platform Wiz has secured $300 million in its latest funding round, led by Menlo Park-based VC firm Lightspeed Venture Partners. Existing investors Greenoaks Capital Partners and Index Ventures also participated in the round.
With the recent funding, the company has reached a valuation of $10 billion, making it the largest cybersecurity unicorn worldwide and the fastest SaaS firm to achieve this milestone.
In today’s era of computing, cloud security has become an essential aspect of ensuring the protection of sensitive data stored on cloud platforms. With the increasing amount of data being stored on cloud-based platforms, implementing robust security measures to prevent data breaches, cyber-attacks, and unauthorized access has become critical.
Wiz addresses this problem by taking a new approach that utilizes an agentless, API-centered method to scan cloud workloads. The company scans every layer of the cloud to provide complete visibility and uses its Security Graph’s context to eliminate noise and surface the risks that matter most. As a result, customers can quickly identify, prioritize, and remove risks across their cloud.
According to Assaf Rappaport, co-founder, and CEO of Wiz, “We are extremely proud of our growth rate in terms of the number of customers, sales, and valuation, especially in view of the current market conditions for global high-tech. While there are many cybersecurity offerings in the market, Wiz’s explosive growth proves that organizations choose our platform because it allows security and development teams to efficiently identify vulnerabilities and prevent breaches. Wiz also consolidates many fragmented tools into one platform, from vulnerability assessment to data security and permission analysis. This round of funding will accelerate the growth of our global operations, enable diversification of our customers across a range of industries, and support our commitment to continued innovation.”
The recent funding will be used to expand the company’s global operations, hire additional staff to its current workforce of 650 employees, and open three new offices in Austin, Dallas, and Washington, DC. It will also support continued global expansion in EMEA and APAC.
To date, Wiz has raised $900 million from investors, including Sequoia Capital, Insight Partners, Blackstone, and G Squared. The company is also backed by prominent private investors and leading entrepreneurs such as the world’s wealthiest individual, Bernard Arnault, and Starbucks owner, Howard Schultz.
Wiz has disrupted cloud security by building a comprehensive cloud-native platform that gives customers actionable insights within minutes, showing them their areas of vulnerability, the risks they face, and how to resolve them.
The company expanded its cloud security platform in 2022, adding modules for Container and Kubernetes security, Data Security Posture Management (DSPM), and Cloud Detection and Response (CDR). Consequently, it enables organizations to consolidate their cloud security program into a single platform.
Arsham Memarzadeh, Partner at Lightspeed Ventures, said, “The continued adoption of the cloud opens up the next platform opportunity in cyber.
Wiz has grown into the gold standard for cloud security with customer love typically reserved for the best consumer app rather than a cyber business. Lightspeed is thrilled to co-lead this round.”
Patrick Backhouse, Partner at Greenoaks, said, “Wiz is rapidly becoming the center of the cloud security ecosystem. Just two years ago, securing the cloud environment meant relying on a scattered collection of point solutions and add-ons. But today, Wiz has built a comprehensive cloud-native platform that gives customers actionable insights within minutes, showing them their areas of vulnerability, the risks they face, and how to resolve them. We rarely see a business gain traction or garner customer love so quickly, and we are thrilled to partner with Assaf and his team as they pursue the next chapter in their journey.”