May 7, 2024 at 05:48PM
Cloud security company Wiz has secured a significant $1 billion in funding, totaling $1.9 billion. Led by Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital, the 4-year-old company plans to focus on M&A, product development, and talent recruitment, predicting 2024 as “the year of security consolidation.” Wiz’s recent acquisitions include Raftt and Gem Security, aiming to continue innovating in the fast-moving cybersecurity industry.
From the meeting notes, the key takeaways are:
– Cloud security company Wiz has raised a significant $1 billion in funding, totaling $1.9 billion, with a valuation of $12 billion. The funding is led by Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital, with participation from other notable investors.
– The company has achieved impressive milestones, such as a $350 million annual recurring revenue in 2023 and being ranked in the Forbes Cloud 100. They have also been working alongside prominent AI service providers.
– Wiz plans to utilize the capital for M&A efforts, product development, and talent acquisition, anticipating 2024 to be “the year of security consolidation”. Recent acquisitions include Raftt and Gem Security.
– Assaf Rappaport, in a blog post, emphasized the importance of maintaining innovation and rapid response to industry developments, highlighting talent acquisition and product expansion as crucial objectives for the fresh capital.