Security startup Wiz enters unicorn club after $130m Series B round

Israel-based cloud infrastructure security company, Wiz raised $130m in Series B funding, bringing its valuation to $1.7bn.

The round was led by Advent Venture Partners with participation from existing investors Cyberstarts, Index Ventures, Insight Partners and Sequoia Capital.

The company intends to use the funds to expand operations and its business reach since its emergence from stealth three months ago.

Founded January 2020 by Assaf Rappaport, the former general manager of R&D at Microsoft Israel, Yinon Costica, Ami Luttwak and Roy Reznik, the firm raised $100m in a Series A in December last year.

Wiz’s founders were the brain behind cloud security company Adallom, which was bought by Microsoft for a reported $320m in 2015.

Wiz was launched to help companies secure their cloud infrastructure at scale through risk assessment and a clear action plan. Its 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.

Using Wiz’s software, one can identify security issues in the public cloud infrastructure that organisations use to run their software, so that administrators can take action immediately.

Customers can connect Wiz to public clouds including Amazon Web Services, Microsoft Azure and Google Cloud Platform as well as on-premises private clouds like OpenShift.

Boasting a clientele that includes DocuSign Inc., The Home Depot Inc., AON plc, United Airlines Inc., Massachusetts Mutual Life Insurance Co and Mars Inc., the firm aims to boost its customer numbers alongside increasing its headcount.

Wiz can scan a client’s cloud footprint in less than a day, while it would take 12 to 18 months to start running a system that relies on agents to track activity, such as what Palo Alto Networks, the firm said.

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