Breaking Another Record, Wiz Raises $ Billion at $12 Billion Valuation
“’Evolve or die’ is the tagline for the modern age,” said Wiz CEO & Co-Founder, Assaf Rappaport
Mandi Kogosowski
| 07/05/2024
Wiz founders. Photo credit: Avishag Shaar-Yishuv
Israeli cloud security unicorn Wiz has raised $1 billion at a $12 billion valuation – the biggest-ever financing round completed by a private Israeli tech company. This current round of funding (round E) brings the company’s total funding to $1.9 million. It was led by Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital.
Established only four years ago, Wiz became the world’s largest cybersecurity unicorn in February 2023, when it raised $300 million at a $10 billion valuation. The new $12 valuation represents a 20% increase. In 2023, it was named the highest-ranking cloud security company on the Forbes Cloud 100 list.
In a press statement, the company announced its plans to use the funds for future merger & acquisition efforts, talent recruitment, and product development.
“’Evolve or die’ is the tagline for the modern age. The market is notably different than when Wiz first launched, and it will look even more different in 12-18 months’ time. In the long run, it’s the platform players that will stand the test of time,” said Wiz CEO & Co-Founder, Assaf Rappaport, in a note he posted on the company’s website.
As it continues to develop, Wiz has also made research discoveries to advance cloud and AI security, working with leading AI-as-a-service provider Hugging Face to strengthen AI security. In January, Wiz published its “State of AI in the Cloud 2024” report, which showed that AI is rapidly gaining ground in cloud environments, with over 70% of organizations now using managed AI services – even though about 32% of organizations still appear to be in the experimentation phase with these tools, deploying fewer than 10 instances of AI services in their cloud environments.
Rappaport told Reuters that while eventually, Wiz’s goal is to become a public company, there is “no pressure to go public and no need to raise more funds. So, we can time our IPO when we feel ready and when the markets are ready."
“’Evolve or die’ is the tagline for the modern age,” said Wiz CEO & Co-Founder, Assaf Rappaport
Wiz founders. Photo credit: Avishag Shaar-Yishuv
Israeli cloud security unicorn Wiz has raised $1 billion at a $12 billion valuation – the biggest-ever financing round completed by a private Israeli tech company. This current round of funding (round E) brings the company’s total funding to $1.9 million. It was led by Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital.
Established only four years ago, Wiz became the world’s largest cybersecurity unicorn in February 2023, when it raised $300 million at a $10 billion valuation. The new $12 valuation represents a 20% increase. In 2023, it was named the highest-ranking cloud security company on the Forbes Cloud 100 list.
In a press statement, the company announced its plans to use the funds for future merger & acquisition efforts, talent recruitment, and product development.
“’Evolve or die’ is the tagline for the modern age. The market is notably different than when Wiz first launched, and it will look even more different in 12-18 months’ time. In the long run, it’s the platform players that will stand the test of time,” said Wiz CEO & Co-Founder, Assaf Rappaport, in a note he posted on the company’s website.
As it continues to develop, Wiz has also made research discoveries to advance cloud and AI security, working with leading AI-as-a-service provider Hugging Face to strengthen AI security. In January, Wiz published its “State of AI in the Cloud 2024” report, which showed that AI is rapidly gaining ground in cloud environments, with over 70% of organizations now using managed AI services – even though about 32% of organizations still appear to be in the experimentation phase with these tools, deploying fewer than 10 instances of AI services in their cloud environments.
Rappaport told Reuters that while eventually, Wiz’s goal is to become a public company, there is “no pressure to go public and no need to raise more funds. So, we can time our IPO when we feel ready and when the markets are ready."
