Founders: Assaf Rappaport (CEO), Ami Luttwak, Yinon Costica, Roy Reznik
Launched:Â 2020
Headquarters:Â New York City
Funding: $1.9 billion
Valuation: $12 billion
Key technologies: Artificial intelligence, cloud computing, generative AI
Industry: Enterprise technology
Previous appearances on Disruptor 50 List: 1 (No. 5 in 2023)
Aggressive cybersecurity contender Wiz is riding high on increased corporate demand for safeguards to combat soaring cybercrimes as business risks have escalated. Â
The New York-based company with Israeli roots has roughly tripled its annual recurring revenue over the past two years to an estimated $350 million. Led by CEO Assaf Rappaport, a former Microsoft Israel R&D manager, Wiz is aiming for profitability within two years and going public is a goal.
Funding for Wiz and its valuation have been rising fast. Last year, it raised $300 million at a $10 billion valuation. In May, it raised a $1 billion round — more than its total fundraising to date — that valued the firm at $12 billion. Past investors include French business magnate Bernard Arnault, Starbucks founder Howard Schultz and several leading venture capital firms.
The four-year-old startup stands out in the cloud computing security market that is increasingly crowded and competitive with such large contenders as publicly traded Palo Alto Networks and Check Point Software. Wiz counts 40% of Fortune 100 companies as customers, up from 30% last year. Over the last 12 months, Wiz has added Rite Aid, Prudential Financial, Merck and Pfizer as customers. Wiz also opened new offices in Denver, Austin and Washington, D.C. Â
With the continued adoption of cloud computing for storing data and growing use of AI in the workplace, Wiz is pumping out new products to keep pace with the corporate need to keep internal data safe. Last November, Wiz began offering an AI security platform as advanced AI tools in the workplace become mainstream and are used more often in business functions. In June, it launched real-time monitoring of cloud workloads for managers to detect risks and respond to threats. The enterprise software specialist also has created an industry-wide repository for cloud providers and researchers to share information about vulnerabilities in real time.
Other factors leading to a boom in demand for cybersecurity solutions stem from the popularity of remote work, and employees using their own devices for corporate tasks. The result is less data being stored on premises and the greater need for protection of distributed data.
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