A unicorn on steroids: Wiz raises $130 million series B to reach $1.7 billion valuation a year after its launch
The Israeli cyber company raised the new round just three months after its $100 million series A
Assaf Rapaport’s new startup Wiz has broken another record. After raising $100 million series A a mere nine months after it was founded, Calcalist has learned from a person familiar with the matter that now, just three months later, the Israel-based cloud security company has raised an additional $130 million at a valuation of $1.7 billion.
The funding round, which was just recently completed, was raised mostly from existing backers including venture capital funds Index Ventures, Sequoia, Insight Partners, and Cyberstarts, alongside new investors who have yet to be disclosed. The company was founded exactly one year ago and according to Calcalist’s estimate, it is the fastest Israeli company to reach unicorn status and the fastest-growing cybersecurity company. In crossing the $1 billion valuation mark it joins an elite team of cyber unicorns that include Axonious, which just recently completed a funding round at a $1.2 billion valuation and Aqua Security that did the same after its recent series E.
Before founding Wiz, Rapaport was General Manager of R&D at Microsoft Israel after having sold his previous company Adallom to the tech giant for $320 million in 2015. Wiz’s other co-founders Ami Luttwak, Yinon Costica, and Roy Reznik, have been with Rapaport since his days in the military and filled various roles at Adallom too.
Assaf Rapaport. Photo: Nathaniel Tobias
“Cloud security has been hot for a while, but now amid the Covid-19 pandemic the transition to the cloud is happening at an unprecedented rate,” Rapaport told Calcalist following the previous round in December. “Security teams are having a hard time keeping up. There are complex solutions available now, which require complicated installment. Our solution offers a very simple seamless installment process, without the need to involve the developers, enabling security professionals to focus on what matters.”