Cloud security startup Wiz has secured $1 billion in Series E funding, boosting their total capital to $1.9 billion and elevating their valuation to $12 billion.

The funding round drew significant support from major VC firms like Andreessen Horowitz, Lightspeed, and Thrive Capital.

Wiz reports $350 million in annual recurring revenue and has a client base that includes 40% of Fortune 100 companies.

The company has begun expanding through acquisitions with the purchase of Gem Security, and is prioritizing channel efforts in 2024.

Wiz has set a goal of achieving $1 billion in annual recurring revenue before it considers going public through an IPO.

Wiz is currently engaged in a legal battle with Orca over claimed patent infringements.

The latest funding round is indicative of a broader trend, with a 69% rise in cybersecurity investments in Q1 2024 over the previous quarter.

Wiz intends to allocate the new funds to further mergers and acquisitions, enhance product offerings, and attract new talent to foster innovation.