10 Cybersecurity Companies Making Moves: February 2023
We’re taking a look at the cybersecurity companies that launched products and partner program updates, raised major funding, announced acquisitions or made key executive changes in February.
Wiz Lands $300 Million In Funding, $10 Billion Valuation
Fast-growing cloud security startup Wiz announced Feb. 27 that it has raised $300 million in new funding and achieved a valuation of $10 billion in connection with the round, making it the top-valued cybersecurity unicorn. Though only founded in 2020, Wiz quickly found huge traction for its product that brings together numerous cloud security capabilities while deploying quickly and offering greater visibility and prioritization of threats.
In August 2022, Wiz disclosed that it had crossed $100 million in annual recurring revenue, achieving this key startup milestone in the shortest amount of time of any company to date at 18 months, according to the company. About 75 percent of Wiz’s deals involve a value-added reseller (VAR) partner, and major VAR partners of Wiz include Trace3, Optiv, Presidio, WWT and GuidePoint Security.
Wiz had previously been valued at $6 billion in connection with its $250 million funding round in October 2021. With the $10 billion valuation, Wiz moves to the top spot on CB Insights’ list of highest-valued cybersecurity unicorns, from No. 6 previously. In a news release, Wiz said it has become the fastest SaaS company to achieve a $10 billion valuation.
The $300 million Series D round was led by Lightspeed Venture Partners, Greenoaks Capital Partners and Index Ventures. Wiz has now raised $900 million in funding to date.