TLDR:
– Wiz lands $1 billion in funding at a $12 billion valuation from major Silicon Valley venture capital firms
– The funding comes as Wiz sees surging growth in the cloud and AI security markets
Wiz announced $1 billion in new funding at a $12 billion valuation led by Silicon Valley venture capital firms Andreessen Horowitz and Lightspeed Venture Partners. The funding follows an intensified push with channel partners as the company sees significant growth in the cloud and AI security markets. Wiz has now raised a total of $1.9 billion since its launch in 2020. The company surpassed $350 million in annual recurring revenue last year and has expanded to become a Cloud Native Application Protection Platform provider.
Wiz plans to go public once it reaches $1 billion in ARR and the funding will support the continued expansion of its CNAPP platform with an eye on an eventual IPO. The company has also made its first acquisitions, purchased Gem Security and Raftt. Wiz is focusing on strengthening its channel partnerships to drive growth in cloud and AI security as the demand for these tools increases. The company has made significant enhancements to its cloud and AI security platform, including native AI security capabilities and support for the OpenAI API Platform.
