Israeli cloud security company Wiz is in talks to raise $800 million at a company valuation of more than $10 billion, "The Financial Times" reports, according to people familiar with the matter. The London-based newspaper reported that Thrive, Lightspeed, G Squared, Sequoia and Cyberstarts are all in talks to invest in Wiz, although they all declined to comment.
However, "The terms have not been finalized and details could still shift or breakdown, the people warned."
Wiz is financially sound and the new funds could help finance acquisitions. Last month reported $350 million revenue in 2023 with a 40% market share of Fortune 100 companies. At the time, Wiz CEO Assaf Rappaport said, "In the coming year we plan to make another leap forward and to continue to aim for our next target - $1 billion sales and looking towards an IPO."
Wiz was founded in 2020 by, Rappaport, Ami Luttwak, Roy Reznik, and Yinon Costica. To date the company has raised $900 million at a valuation of $10 billion in its most recent financing round last year. The company has 900 employees in the US, Israel, Europe, and Asia and Wiz says it plans hiring 400 additional employees this year, including in Israel.
Wiz technology allows security and development teams to identify, prioritize and prevent risks in the cloud. The technology scans the cloud environment by interfacing with an API, and provides an in-depth analysis of the resources in the cloud, including the network structure, as well as access permissions and configuration errors that could provide an opening for attackers. The platform also scans the application and software layer and identifies weaknesses and vulnerabilities. Wiz's platform actually combines all the findings into one clear picture of the most essential risks in the cloud, by calculating hundreds of different risks and the relationships between them."
"The Financial Times" observed, "Wiz’s fundraising, would if completed also signal the continued strength of Israel’s technology sector even amid its war with Hamas. Rappaport has been among the most outspoken tech executives in Israel, protesting last year when Israeli Prime Minister Benjamin Netanyahu sought to curb the powers of the country’s judiciary."
Published by Globes, Israel business news - en.globes.co.il - on March 10, 2024.
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