Wiz has cemented its position as a major player in the cyber sector, raising a huge $1bn in its latest funding round, valuing the company at $12bn.
Wiz, led by Co-founder and CEO Assaf Rappaport, intends to utilise this substantial funding to drive acquisitions and bolster both product development and talent acquisition.
According to PYMNTS, the company’s recent acquisition of Gem Security, a cloud detection and response firm, underscores its commitment to expansion within the cybersecurity realm. Despite initial plans to purchase cybersecurity startup Lacework, Wiz is now reassessing its approach following a period of due diligence.
Rappaport, in an interview with the Wall Street Journal, highlighted the significance of this funding amidst a landscape where startups face mounting challenges in pursuing initial public offerings. He stated, “Regarding a potential IPO, we are not rushing into it — we have previously indicated that we would move ahead once we reach $1 billion ARR. For now, we intend to continue innovating and providing maximum value to our customers.”
This substantial investment in Wiz comes amid signs of a thaw in funding within the broader FinTech sector. S&P Global data reveals a notable decline in both deal making and funding, with FinTechs witnessing an 18% drop in the number of funding rounds and a 26% decrease in dollar value year over year. However, there is a silver lining as compared to the previous quarter, where funding remained steady, and the deal count saw an uptick of 13%.
Particularly noteworthy are the gains within the banking tech sector, which saw a significant increase in funding rounds, reflecting continued investor interest in financial technology innovations.
As cybersecurity continues to dominate discussions around data protection, recent findings underscore the critical importance of robust security measures. With eCommerce merchants facing an increasing number of cyber and data breaches, the need for comprehensive security solutions has never been more apparent.
“Regarding a potential IPO, we are not rushing into it — we have previously indicated that we would move ahead once we reach $1 billion ARR. For now, we intend to continue innovating and providing maximum value to our customers,” Rappaport said.
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