Israeli cloud security co Wiz in talks to raise $800m>
Silicon Angle – Ducan Riley
Israeli cloud security startup Wiz Inc. is reportedly in talks to raise 800 million in new funding at a valuation of 10 billion or more.
Potential investors in the round include Thrive Capital, Lightspeed Venture Partners, G Squared, Sequoia Capital and CyberStarts.
Wiz offers a software platform that helps companies detect vulnerabilities and malicious activity across their cloud setup, providing a risk-weighted view of issues.
The company supports major cloud providers like AWS, Azure, Google Cloud and Kubernetes.
In December 2022, Wiz acquired Israeli Kubernetes security firm Rafay Systems for an estimated $40-50 million.
Despite strong reported growth of $350 million in annual recurring revenue, Wiz faces a patent infringement lawsuit from competitor Orca Security.
Orca claims Wiz built its business by violating Orca’s intellectual property and copying its patented technology inventions.
The lawsuit demands Wiz halt any infringing products/services and pay compensation for using Orca’s patents illegally.
Link: https://siliconangle.com/2024/03/11/israeli-cloud-security-startup-wiz-reportedly-talks-raise-800m-10b-valuation/