Cloud security company Wiz announced a $1 billion funding round, valuing the company at $12 billion. The round, led by Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital, brings Wiz’s total funding to $1.9 billion.
Founded in 2020, Wiz reported $350 million in annual recurring revenue (ARR) in 2023. The company’s growth is attributed to demand for its cloud security products and an industry trend towards consolidated security offerings. Wiz recently acquired Gem Security, a Cloud Detection and Response (CDR) provider, to enhance its Cloud Native Application Protection Platform (CNAPP).
“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,” said Assaf Rappaport, CEO and cofounder of Wiz.
In the past year, Wiz appointed Dali Rajic, former COO & President of Zscaler, as its new COO & President. The company serves 40% of the Fortune 100 and has been recognized as the top-ranked security product by independent customer reviews on G2. Wiz was also the highest-ranked cloud security company on the Forbes Cloud 100 list.
Wiz plans to use the latest funding to pursue mergers and acquisitions, hire talent, and develop its products. The company anticipates that 2024 will be a year of significant consolidation in the security industry.
The $1 billion funding round positions Wiz for a potential future IPO. The company aims to continue its growth and establish itself as a significant player in the cybersecurity industry.
