Israeli cloud security company Ace announced the completion of a billion-dollar financing round at a company valuation of $12 billion. This brings the total amount raised by the company to $1.9 billion.
The latest round is led by Andreessen Horowitz, Lightspeed Venture Partners and Thrive Capital, with participation from Greylock, Wellington Management and existing investors Cyberstarts, Greenoaks, Howard Schultz, Index Ventures, Salesforce Ventures and Sequoia Capital.
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This is the largest funding round ever by a private Israeli technology company, beating and almost doubling the previous highest funding round, when Transmit Security raised $543 million in 2021.
Funding round follows acquisition of Israeli cloud detection and response company Gem Safety for $350 million in March. This acquisition allowed Wiz to expand its cloud-native application protection platform.
Market sources say Wiz plans to pursue an IPO on Wall Street within two years. The company, which reached $100 million in annual revenue within 18 months of launching its product – an industry record – has an ambitious $1 billion revenue target. annual business in the years to come.
After acquiring Gem Security and Israeli cloud platform Raftt in December 2023, Wiz says it will use the latest funding to help drive future M&A efforts, as well as talent recruitment and product development.
Assaf Rappaport, CEO of Wiz, said: “We will never stop innovating on behalf of our customers. Wiz worked to earn the love of security and development teams; As we strengthen our CDR capabilities, SOC teams are also part of this equation. will help us continue to solve our customers’ complex cloud security issues in a simple and elegant way, while supporting their broader vendor consolidation efforts.
Sarah Wang of Andreessen Horowitz said: “Wiz is a pioneer in cloud security and has demonstrated deep agility, adaptability and understanding of market dynamics. This has enabled smart growth and positioned it as a powerful player in the cybersecurity space.
Wiz, founded in 2020 by Rappaport, Ami Luttwak, Roy Reznik and Yinon Costica, has 900 employees in Israel, the United States, Europe and Asia and plans to hire more than 400 new employees this year, including some in Israel .
Published by Globes, Israel Business News – fr.globes.co.il – May 7, 2024.
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