Wiz Soars to $12B Valuation with $1B Series E, Targets $1B Revenue Amid Patent Suit

May 8, 2024
Wiz Soars to $12B Valuation with $1B Series E, Targets $1B Revenue Amid Patent Suit
  • 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.

Summary based on 6 sources


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