Wiz Continues Big Growth with Another $1 Billion

The company, which works with cloud providers, resellers and system integrators, says it's now worth $12 billion.

Christopher Hutton, Technology Reporter

May 7, 2024

2 Min Read
Cloud security

Cloud security company Wiz has raised a whopping $1 billion during a new funding round, bringing its total funding to $1.9 billion. Wiz says it is now worth $12 billion.

The latest round of funding was led by Andreesen Horowitz, Lightspeed Venture Partners, and Thrive Capital, with assistance from Greylock, Wellington Management, and several other investors.

Wiz's Assaf Rappaport

“We will never stop innovating on behalf of our customers," Assaf Rappaport, CEO of Wiz, said. "Wiz has worked to earn the love of security and development teams; as we bolster our CDR capabilities, SOC teams are also part of that equation. This funding round will help us continue to solve customers’ complex cloud security challenges in an elegant, simple manner while supporting their broader vendor consolidation efforts.”

The wide plethora of investors reveals strong support for Wiz's cloud security software in the technology marketplace, the company said.

“Wiz is a cloud security pioneer and has demonstrated remarkable agility, adaptability, and a keen understanding of market dynamics," said Sarah Wang, general partner at Andreesen Horowitz. "This has enabled smart growth and positioned them as a power player in the cybersecurity space.”

Cloud Security Company Growing Quickly

Wiz has had a successful few years of growth, including $350 million in annual recurring revenue. It also has made significant strides toward establishing itself as an AI-as-a-service company in cloud security. Wiz partnered with AI-focused Hugging Face to improve its product's security, and released its first "State of AI in the Cloud" report this year.

Related:Wiz Acquires Gem Security, Advancing CDR Capabilities

Wiz acquired Gem Security in April, allowing it access to additional tools for cloud detection and response. Just last year, Wiz completed a funding round of $300 million, where it boasted a $10 billion valuation.

Wiz partners with the major hyperscalers, resellers and system integrators to secure businesses' data in the cloud.

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About the Author(s)

Christopher Hutton

Technology Reporter, Channel Futures

Christopher Hutton is a technology reporter at Channel Futures. He previously worked at the Washington Examiner, where he covered tech policy on the Hill. He currently covers MSPs and developing technologies. He has a Master's degree in sociology from Ball State University.

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