Israeli cybersecurity firm Wiz snags $250 mn as valuation triples to $6 bn

 Israeli cybersecurity firm Wiz snags $250 mn as valuation triples to $6 bn

The Wiz team. The company has 160 people on its rolls. Photo credit: Wiz

Wiz, an Israeli-origin cybersecurity company, has raise $250 million in a new funding round that values the company at a mammoth $6 billion—more than three times its valuation just a few months before.

The latest round was led by Insight Partners and Greenoaks Capital with participation from Sequoia Capital, Salesforce, and other investors.

The development comes just four months after the company raised $120 million at a valuation of $1.7 billion.

The last round had been backed by Salesforce Ventures, Blackstone, Aglaé Ventures and US billionaire Howard Schultz. Aglaé is the venture investment company of Bernard Arnault, the chairman and CEO of LMVH Moet Hennessy-Louis Vuitton.

Wiz was founded in 2020 and is led by CEO and former Microsoft executive Assaf Rappaport. Its other founders are CTO Ami Luttwak, vice president of product Yinon Costica and vice president of R&D Roy Reznik.

Wiz’s team of founders had earlier set up and later sold Adallom to Microsoft for $320 million.

In December 2020, Wiz had raised $100 million and topped that up with $130 million in March this year.

The company has offices in Israel, the US and Europe, and has 160 people on its rolls.

Wiz, which was founded just as the coronavirus pandemic began spreading across the world, gained traction as businesses were forced to work remotely and cybersecurity became a critical need.

The startup came out of stealth mode in December 2019 with a $100-million Series A funding round.

Aman Malik

The Capital Quest