The Israeli cyber unicorn Wiz is receiving tens of millions of dollars from the Japanese investment giant SoftBank. Wiz is attempting to enter the Asian market with the help of this calculated investment from SoftBank.
It’s yearly income rate as of July of current year is roughly $500 million, and by 2025, it is expected to reach $1 billion. Based on a valuation of more than $12 billion, the company raised $1 billion last May.
Prior to Google making a $23 billion offer to buy Wiz, SoftBank had invested in the business. However, the agreement collapsed when Assaf Rappaport, the founder and CEO of Company, decided to go on developing the business instead of accepting the tech giant’s offer.
SoftBank’s investment is in line with projections that indicate cloud spending in Asia would rise significantly, reaching $153.6 billion by 2026 (IDC). Asia is now positioned as a strategic goal for it’s international expansion. With this partnership, Wiz should become a significant force in cloud security on the region.
Wiz is investing in developing sales processes and is presently making major recruitment efforts in the area.
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CEO Assaf Rappaport, CTO Ami Luttwak, VP Product Yinon Costica, and VP R&D Roy Reznik established Wiz. As of right now, Forbes estimates that each of them is worth about $1 billion.
After selling his prior business, Adallom, to Microsoft Israel in 2015 for $320 million, Rappaport held the position of General Manager of R&D at the computer giant. The other co-founders of Wiz have worked for Rappaport since his time in the military and have held a variety of positions at Adallom.
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Wiz has raised $1.9 billion. Andreessen Horowitz, Lightspeed Venture Partners, Thrive Capital, Greylock, Wellington Management, Cyberstarts, Greenoaks, Howard Schultz, Index Ventures, Salesforce Ventures, and Sequoia Capital invest. Most of the company’s 1,200 employees are in the US (New York, Washington, Austin, Texas, Denver, and California), with the rest in Tel Aviv, Europe, and Asia. The company serves 40% of Fortune 100 corporations and is hiring hundreds, including dozens in Israel.
According to an Economist Impact research, 85% of CEOs in Asia use cloud services, making them the fastest-growing and most dominating technology. It will treble its continental personnel by year’s end to accommodate this development.
It has hired scores of people in Japan, Singapore, Australia, and New Zealand and opened a Sydney data center.
About Wiz
Wiz to quickly discover and remove the biggest risks in AWS, Azure, GCP, OCI, Alibaba Cloud, and Kubernetes to build faster and safer.
