Wiz continues fundraise hot streak as its valuation hits $6bn

Israel-based cybersecurity platform Wiz has continued its fundraising streak, with a fresh $250m investment, bringing its valuation to $6bn.

Making this achievement even more impressing, Wiz was founded in January 2020 and launched from stealth in December 2021.

The Series C round was c0-led by Insight Partners and Greenoaks Capital, with commitments also coming from Sequoia, Index, Salesforce and others.

This investment is the third funding round closed by Wiz in 2021. It previously raised $120m in May and $130m in March. Its $130m Series B was the first time Wiz’s valuation exceeded $1bn and gave it the accolade of the fastest unicorn.

Wiz co-founder and CEO Assaf Rappaport explained in a blog post that Wiz’s rapid growth was helped by the Covid-19 pandemic. Masses of companies moved to the cloud, but many were struck by the rise of costs, security breaches and in-house management needs.

Wiz is designed to help companies improve their security on the cloud infrastructure through risk assessment tools. The technology analyses a company’s cloud setup across network, identity, application and vulnerabilities, presenting all the information in one place at any scale to deliver quicker insights and informed decision-making.

Its technology is used by over 10% of the Fortune 500, with its clients including Fox, Blackstone, Salesforce, Slack, The Home Depot, Rivian, DocuSign, and UiPath.

Last month, fellow CyberTech unicorn Snyk closed a $530m Series F funding round at an $8bn valuation. The investment helped it increase its valuation by $4bn in a matter of months.

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