Within three years of the company founding, due to accelerated global demand for its cloud security platform, Wiz becomes the world’s largest cybersecurity unicorn and fastest SaaS company to reach a 10B valuation.
NEW YORK, Feb. 27, 2023 /PRNewswire/ — Three years from establishment, Wiz, a leader in cloud security, has raised $300 million at a $10 billion valuation led by Lightspeed Venture Partners and existing investors Greenoaks Capital Partners and Index Ventures. Valued at $10 billion, Wiz is now the world’s largest cybersecurity unicorn and fastest SaaS company to achieve a $10 billion valuation.
The demand for Wiz’s product is evident in customer validation from more than 35% of Fortune 100 companies, including BMW and Morgan Stanley, as well as other leading companies such as Salesforce, Slack, Colgate, and Blackstone, demonstrating that Wiz’s approach to cybersecurity is the future of the industry. Additionally, earlier this month, G2, the world’s largest software marketplace, awarded Wiz Best Security Product for 2023.
Wiz has expanded its cloud security platform (CSPM & CNAPP) during 2022, adding modules for Container and Kubernetes security, Data Security Posture Management (DSPM), and Cloud Detection and Response (CDR), enabling organizations to further consolidate their cloud security program to a single platform that is truly built for cloud.
The company, founded in March 2020 and headquartered in New York, plans to add additional headcount to its existing 650 employees in the U.S. and globally, and open three new U.S. offices in Austin, Dallas and Washington, DC. Wiz will continue expanding its workforce with the best talent and will continue expanding in the U.S. market, including the federal government in its efforts to secure the nation from cyber attacks. The funds will also support the continued global expansion in EMEA and APAC.
Since inception almost three years ago, Wiz has raised $900M 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 founder, Howard Schultz.
Supporting Quotes:
Assaf Rappaport, co-founder and CEO of Wiz, said: “We are extremely proud of our growth rate in terms of 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”.
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.”
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.”
Adam Fletcher, Chief Security Officer at Blackstone, said:
“I see Wiz as the cloud security platform for people who understand how to protect the cloud. Wiz has all of the capabilities that we’ve identified as core to our cloud security strategy, and I look forward to seeing them continue to grow. As the cloud providers engineer new solutions that require new security technologies, I’m confident that Wiz will develop them.”
About Wiz
Wiz was founded by CEO Assaf Rappaport, CTO Ami Luttwak, VP Product Yinon Costica, and VP R&D Roy Reznik. The team has worked together for over 20 years, including as Microsoft’s Cloud Security Group leads and as the founding team of Adallom, which was acquired by Microsoft for $320 million.
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. Customers can then quickly identify, prioritize and remove risks across their cloud.
This new approach to cloud security disrupts the agent-based security model and utilizes an agentless, API-centered approach to seamlessly scan cloud workloads. Wiz said goodbye to contextless alerts and, instead, at the heart of the product lies the Wiz Security Graph.
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SOURCE Wiz
