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| 12dCyber startup Wiz raises $1 billion on path to IPO
Cybersecurity start-up Wiz has raised $500 million in a funding round led by Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital. The company, which focuses on cloud security, plans to use the funds for product and talent development, as well as future acquisitions. Wiz recently acquired cloud detection and response company Gem Security and is considering offering to buy cybersecurity start-up Lacework. The company reached $100 million in annual recurring revenue after 18 months and $350 million in 2023. Co-founder Assaf Rappaport said Wiz has the potential to go public but is currently prioritising customer value and innovation.
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