Cloud Security Company Wiz Adds $300M in Funding, Gets $10B
by Dan Kobialka • Feb 27, 2023
Wiz, a cloud security company, has raised $300 million in a Series D funding round led by Lightspeed Venture Partners. Existing investors Greenoaks Capital Partners and Index Ventures also participated in the funding round.
The Series D funding increases its total financing to date to over $900 million. It brings Wiz’s total valuation to $10 billion (it was previously valued at $6 billion in October 2021) and makes the company “the world’s largest cybersecurity unicorn, according to a prepared statement.
How Wiz Will Use Its Series D Funding
Wiz plans to add headcount to its existing 650 employees in the United States and globally, the business noted. It will open new U.S. offices in Austin, Texas, Dallas, Texas and Washington, D.C. and the funding will also support the business’ global expansion in the EMEA and APAC regions.
In addition, the Series D funding will help Wiz diversify its customer base and drive innovation, CEO Assaf Rappaport stated.
Demand for Wiz’s Cloud Security Platform Is Increasing
More than 35% of Fortune 100 companies are using Wiz’s cloud security platform, the company said. Also, Wiz added the following modules to its platform in 2022:
- Container and Kubernetes security
- Data security posture management (DSPM)
- Cloud detection and response (CDR)
Since Wiz’s launch in March 2020, the company has grown in terms of its number of customers, sales and valuation, Rappaport said. Wiz continues to look for ways to enhance its cloud security platform.
What Wiz’s Cloud Security Platform Offers
Organizations can use Wiz’s cloud security platform to “consolidate their cloud security program to a single platform that is truly built for cloud,” the business indicated. The platform scans organizations’ cloud environments and provides insights into all of the technologies running across them. As such, the platform helps organizations identify and address their cloud security blind spots.
Wiz offers a partner program and has established partnerships with Amazon Web Services (AWS), Microsoft Azure and other cloud providers. The company also enables technology providers to develop and launch integrations built on its cloud security platform.