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London Tech Week

With $300M funding, this startup becomes world’s largest cybersecurity unicorn at $10B valuation

Image credits: Wiz

Cloud security is an essential aspect of modern-day computing that ensures the protection of sensitive data stored on cloud platforms.

With the increasing amount of data being stored on cloud-based platforms, it has become crucial to implement robust security measures to prevent data breaches, cyber-attacks, and unauthorized access. 

Information stored on the cloud can be compromised by various threats such as viruses, malware, and cyber-attacks, which can compromise its confidentiality, integrity, and availability. 

Here’s where Wiz, a New York-based cloud security platform, addresses the problem. The US company takes the new route, which utilises an agentless, API-centered approach to scan cloud workloads. 

Raised $300M

Recently, Wiz secured $300M in the latest funding round led by Lightspeed Venture Partners (Menlo Park-based VC firm that also backed tech giants like Snapchat and recently Remedial Health). Further, existing investors Greenoaks Capital Partners and Index Ventures also participated in the round. 

The recent funding round values the company at $10B, making Wiz the world’s largest cybersecurity unicorn and the fastest SaaS company to achieve a $10B valuation.

Assaf Rappaport, co-founder, and CEO of Wiz said: “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”.

How will the funding be used?

The company plans to add an additional headcount to its existing 650 employees in the US and globally and open three new US offices in Austin, Dallas, and Washington, DC. The funds will also support the continued global expansion in EMEA and APAC.

To date, the company 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. 

Disrupting cloud security

Founded by Assaf Rappaport, Ami Luttwak, Yinon Costica, and Roy Reznik, Wiz scans every layer of the cloud to provide complete visibility and uses its Security Graph’s context to eliminate the noise and surface the risks that matter most. 

As a result, customers can then quickly identify, prioritize and remove risks across their cloud.

The company expanded its cloud security platform (CSPM & CNAPP) in 2022, adding modules for Container and Kubernetes security, Data Security Posture Management (DSPM), and Cloud Detection and Response (CDR). 

Consequently, it enables organisations 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.”

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