Cloud cybersecurity provider Wiz has joined the decacorn club after a $400m funding round brings its valuation to $10bn.
Lightspeed Venture Partners, a venture capital firm aimed at multi-stage investments in the enterprise, consumer and health sectors, led the round.
Other contributions came from existing Wiz backers Greenoaks Capital Partners and Index Ventures.
With this new valuation, Wiz claims to be the largest cybersecurity unicorn and fastest SaaS company to achieve a $10bn valuation.
With the funds, the company hopes to hire more staff to its team, which is currently 650 strong. It also hopes to open new offices in Austin, Dallas and Washington DC. Wiz is not just focused on the US, with plans to expand in EMEA and APAC.
Wiz’s technology scans every layer of the cloud to provide complete visibility and leverages its security graph’s context to highlight the real risks. Through this, customers can quickly identify, prioritise and remove risks in their cloud.
The security graph offers contextual insights that proactively and systematically identify toxic combinations of real risk and attack paths into cloud systems.
Over the past year, the cloud cybersecurity provider expanded its platform with new modules for container and kubernetes security, data security posture management and cloud detection and response.
Its technology is used by 35% of Fortune 100 companies, including BMW and Morgan Stanley.
New York-headquartered Wiz was founded in early 2020 and launched out of stealth by December 2021. Since its inception, the company has raised a total of $900m in funding. Its backers include Sequoia Capital, Insight Partners, Blackstone and G Squared, as well as prominent angels including Starbucks founder Howard Schultz.
Greenoaks partner Patrick Backhouse said, “Wiz is rapidly becoming the centre 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.”
Its most recent funding round was a $250m investment in October 2021, which brought its valuation to $6bn.
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