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Wiz plans to open three new U.S. offices in Austin and Dallas, Texas, and Washington, D.C.
February 27, 2023
Wiz, a cloud security provider, has raised $300 million in new funding and achieved $10 billion in valuation.
Lightspeed Venture Partners, and existing investors Greenoaks Capital Partners and Index Ventures led the Wiz funding round. Since its inception almost three years ago, Wiz has raised $900 million from investors. That includes Sequoia Capital, Insight Partners, Blackstone and G Squared.
Wiz is also backed by prominent private investors and entrepreneurs. That includes Bernard Arnault, the world’s wealthiest individual, and Howard Schultz, Starbucks’ founder.
Wiz expanded its cloud security platform in 2022, adding modules for container and Kubernetes security, data security posture management (DSPM), and cloud detection and response (CDR). It enables organizations to further consolidate their cloud security program to a single platform built for cloud.
Founded in March 2020, Wiz plans to add additional headcount to its existing 650 employees in the United States and globally. In addition, it plans to open three new U.S. offices in Austin and Dallas, Texas; and Washington, D.C.
Assaf Rappaport is Wiz’s co-founder and CEO.
Wiz’s Assaf Rappaport
“We are extremely proud of our growth rate in terms of number of customers, sales and valuation, especially in view of the current market conditions for global high tech,” he said. “While there are many cybersecurity offerings in the market, Wiz’s explosive growth proves that organizations choose our platform because it allows security and development teams to efficiently identify vulnerabilities and prevent breaches. This round of funding will accelerate the growth of our global operations, enable diversification of our customers across a range of industries and support our commitment to continued innovation.”
Raaz Herzberg is Wiz’s vice president of product strategy.
“This funding is further validation of the impact that Wiz can have for their customers,” she said. “We plan to invest heavily in channel this year. Partners are our customers’ trusted advisors. They have been a critical source of new business, in addition to providing velocity and predictability into our sales cycle.”
The channel is instrumental to Wiz’s success, Herzberg said.
“With this new funding partners can expect a revamped partner program and new enablement to ensure they can make our customers successful,” she said.
The company will continue expanding in the U.S. market. That includes working with the federal government in its efforts to secure the nation from cyberattacks. The funds will also support the continued global expansion in EMEA and APAC.
Arsham Memarzadeh is partner at Lightspeed Venture Partners.
“The continued adoption of the cloud opens up the next platform opportunity in cyber,” he said. “Wiz has grown into the gold standard for cloud security with customer love typically reserved for the best consumer app rather than a cyber business. Lightspeed is thrilled to co-lead this round.”
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