Wiz became the world’s fourth-largest venture-backed cybersecurity firm, raising $ 250 million on a valuation of $ 6 billion less than two years after its inception.
Tel Aviv, Israel-based cloud security startup plans to use C-series product to expand support beyond Amazon Web Services, Microsoft Azure and Google Cloud Platform, according to co-founder and CEO Assaf Rappaport. The push beyond large public cloud providers will provide Wiz’s multinational or international customers with security for more localized cloud options, Rappaport said.
“Every business is a multi-cloud business,” Rappaport told CRN. “I think some clouds are chosen because of their geographic presence and the need to be localized. … [If you’re a security team], Wiz allows you to quickly understand what’s going on in your cloud.
[Related: Cloud Security Startup Wiz Raises $120M In Salesforce-Led Round: Report]
Wiz’s expanded war chest will also allow the company to pursue mergers and acquisitions if the right opportunity arises, Rappaport said. The company primarily wants to invest organically in its engineering and R&D organizations, but will consider buying companies with good teams, innovative technologies and market traction. Rappaport said Wiz could do more in areas such as security and remediation on the left.
The company’s biggest competitor in the enterprise cloud security market is Palo Alto Networks’ Prisma Cloud offering, with other cloud security startups like Orca Security and Lacework playing more in the midmarket and SMB spaces. , according to Rappaport.
“Wiz comes up with a different take on an existing market,” Rappaport said. “We’re giving the security team a bird’s eye view. “
From a channel perspective, Wiz started out as a direct selling company to find out more about its customers, but Rappaport said he was surprised at how quickly consultants and managed security service providers were able to do so. started adding Wiz technology to their tool portfolio. VARs can also resell Wiz in a more traditional way, and Wiz has been embraced by DevOps teams to help secure the development lifecycle, he said.
“While the traction is amazing, there is so much we can do and there is so much we do, and I’m super excited,” said Rappaport.
Wiz has more than tripled its valuation since March, when the company disclosed a valuation of $ 1.7 billion following its first round of Series B funding. The company’s Series C cycle announced on Monday was co- led by Greenoaks and Insight Partners, and included participation from previous investors Salesforce and Sequoia.
“Wiz’s growth in the enterprise market is astounding,” said Jeff Horing, co-founder and managing director of Insight Partners, in a statement. “When you have a proven management team like this that has built a game-changing product, you are betting big. Wiz is building the security technology the world needs. ”
Wiz was founded in January 2020 and emerged from stealth in December 2020 with astronomical $ 100 million Series A funding from Index Ventures, Sequoia, Insight Partners and Cyberstarts. Then, in June 2021, the company closed a $ 250 million Series B funding round led by Advent International and Salesforce. The C-Series Transport brings Wiz’s total funding to $ 600 million just 21 months after starting the business.
The company employs 168 people and aims to employ more than 300 people per year by now, Rappaport said. Wiz unveiled its Series C funding less than a week after rival Orca Security announced its own $ 340 million Series C funding round, which took Orca’s valuation to $ 1.8 billion. dollars versus $ 1.2 billion seven months earlier. Orca Security employs 216 people, up from just 71 a year ago, according to LinkedIn.
Monday’s funding round propelled the company’s assessment against other security developers OneTrust and Arctic Wolf, and behind sole endpoint visibility and control provider Tanium, application security provider Snyk and the cloud security provider Netskope, which are worth $ 9 billion, $ 8.5 billion and $ 7.5 billion, respectively. .
Wiz was created by Rappaport and the other founders of cloud access security broker Adallom, which sold their business to Microsoft for $ 320 million in September 2015, less than three years after Adallom was founded. Rappaport and his team then spent nearly four and a half years leading Microsoft’s Cloud Security Group before leaving in early 2020 to launch Wiz.
Wiz said its architecture makes it easy to scan the entire cloud environment across all types of compute and cloud services for vulnerabilities, configuration, network, and security issues. The company offers a risk-weighted view that allows customers to assess vulnerabilities and misconfigurations based on severity, exposure, exploitability, blast radius and business impact, according to Wiz.